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)
James R. Heavner Jr., Esquire
Life Law Unit
The Hartford Financial Services Group, Inc.
200 Hopmeadow Street
Simsbury, Connecticut 06089
(Name and Address of Agent for Service)
Registrant's telephone number, including area code: (860) 843-8715
Date of fiscal year end: October 31, 2005
Date of reporting period: November 1, 2004 - April 30, 2005
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
A MESSAGE FROM THE PRESIDENT
Dear Fellow Shareholders,
We saw a decline in the U.S. equity market during the first quarter of 2005,
generally the result of slowing corporate profits, rising interest rates and
inflation fears stemming from higher oil prices. Despite first quarter losses,
however, the market as measured by the S&P 500 Index1 returned 3.28% for the
6-month period ending April 30, 2005.
The Hartford Mutual Funds were not all together immune to these pressures.
Nonetheless, I'm pleased to report that 33 of 39 funds posted positive returns
for the 6-month period covered by this report ending April 30, 2005.
If you observed the market's gain in 2004 followed by its quick decline in the
first quarter of 2005, it's probably apparent that 6 months is an extremely
short time to judge your investments. As investors, we should try to keep a
long-term view. Historically, investors who have maintained a long-term
perspective and not been sidetracked by the inevitable short-term ups and downs
of their investments have been rewarded over time.
This commitment to a disciplined, long-term approach is a hallmark of our
portfolio managers. I encourage you to read the portfolio manager commentaries
included in this report. Each manager's commentary includes a discussion of how
and why the fund performed the way it did and the manager's outlook for the
future. They also include each Fund's complete performance history and a summary
of its expenses.
Equally unwavering is our commitment to provide you with industry-leading
products and services. That is why I am pleased to announce that The Hartford
Select MidCap Growth Fund introduced in January is being joined by two
additional equity funds (The Hartford Capital Appreciation II Fund and The
Hartford Select MidCap Value Fund) and a new fixed-income fund (The Hartford
Floating Rate Fund).
Expanding our Fund Family is one way to underscore our dedication to our
investors. Another is to provide customer service that is second to none. That's
why we take pride in having won two consecutive DALBAR awards2 for mutual fund
service excellence (2003-2004).
Of course, most gratifying of all is your continued trust in us. Thank you for
that. And thank you for investing in The Hartford Mutual Funds.
Dave Znamierowski
President, The Hartford Mutual Funds
- -------------------
(1) The S&P 500 Index is an unmanaged list of 500 widely held U.S. common
stocks frequently used as a measure of U.S. stock market performance. It
does not represent the performance of a specific fund and is not available
for direct investment
(2) The DALBAR Award is presented by an independent, Boston-based research firm
to organizations that consistently exceed industry benchmarks in providing
service to mutual fund investors.
<Table>
Semi-Annual Report
April 30, 2005 (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 at April 30, 2005: (Unaudited)
The Hartford Advisers Fund 78
The Hartford Aggressive Growth Allocation Fund 82
The Hartford Balanced Allocation Fund 83
The Hartford Capital Appreciation Fund 84
The Hartford Conservative Allocation Fund 87
The Hartford Disciplined Equity Fund 88
The Hartford Dividend and Growth Fund 90
The Hartford Equity Income Fund 92
The Hartford Focus Fund 94
The Hartford Global Communications Fund 95
The Hartford Global Financial Services Fund 96
The Hartford Global Health Fund 97
The Hartford Global Leaders Fund 99
The Hartford Global Technology Fund 101
The Hartford Growth Allocation Fund 103
The Hartford Growth Fund 104
The Hartford Growth Opportunities Fund 105
The Hartford High Yield Fund 107
The Hartford Income Allocation Fund 113
The Hartford Income Fund 114
The Hartford Inflation Plus Fund 121
The Hartford International Capital Appreciation Fund 122
The Hartford International Opportunities Fund 124
The Hartford International Small Company Fund 127
The Hartford MidCap Fund 130
The Hartford MidCap Value Fund 132
The Hartford Money Market Fund 134
The Hartford Select MidCap Growth Fund 135
The Hartford Short Duration Fund 138
The Hartford Small Company Fund 143
The Hartford SmallCap Growth Fund 145
The Hartford Stock Fund 148
The Hartford Tax-Free California Fund 150
The Hartford Tax-Free Minnesota Fund 153
The Hartford Tax-Free National Fund 155
The Hartford Tax-Free New York Fund 159
The Hartford Total Return Bond Fund 161
The Hartford U.S. Government Securities Fund 168
The Hartford Value Fund 170
The Hartford Value Opportunities Fund 172
Statements of Assets and Liabilities at April 30, 2005
(Unaudited) 174
Statements of Operations for the Six-Month Period Ended April 30, 2005
(Unaudited) 184
Statements of Changes in Net Assets for the Six-Month Period Ended
April 30, 2005 (Unaudited) and Period Ended October 31, 2004 194
Notes to Financial Statements (Unaudited) 214
Financial Highlights (Unaudited) 236
Directors and Officers (Unaudited) 262
Expense Example (Unaudited) 264
Privacy Policy 269
The Hartford Advisers Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
MAXIMUM
LONG-TERM
RETURN.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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 9450.00 10000.00 10000.00
9516.00 10102.00 10020.00
9583.00 10317.00 10014.00
9952.00 10897.00 10192.00
10/96 10188.00 11198.00 10430.00
10773.00 12043.00 10622.00
10543.00 11805.00 10504.00
10923.00 12542.00 10517.00
10971.00 12641.00 10539.00
10705.00 12122.00 10413.00
11123.00 12845.00 10565.00
11589.00 13630.00 10664.00
12031.00 14236.00 10792.00
12750.00 15368.00 11122.00
12156.00 14507.00 10997.00
12667.00 15301.00 11170.00
10/97 12484.00 14790.00 11349.00
12889.00 15475.00 11409.00
13001.00 15741.00 11529.00
13127.00 15914.00 11691.00
13700.00 17061.00 11668.00
14179.00 17935.00 11704.00
14383.00 18118.00 11762.00
14247.00 17806.00 11888.00
14809.00 18529.00 12009.00
14907.00 18333.00 12019.00
13667.00 15684.00 12253.00
14226.00 16689.00 12604.00
10/98 14766.00 18044.00 12514.00
15258.00 19138.00 12590.00
15742.00 20240.00 12621.00
16063.00 21086.00 12711.00
15713.00 20430.00 12408.00
16195.00 21248.00 12470.00
16678.00 22070.00 12501.00
16296.00 21549.00 12373.00
16936.00 22745.00 12334.00
16633.00 22035.00 12300.00
16462.00 21925.00 12290.00
16243.00 21324.00 12400.00
10/99 16771.00 22674.00 12432.00
16953.00 23134.00 12425.00
17643.00 24495.00 12349.00
17074.00 23265.00 12346.00
17157.00 22825.00 12500.00
18317.00 25058.00 12681.00
17964.00 24304.00 12619.00
17692.00 23805.00 12608.00
17998.00 24391.00 12865.00
17840.00 24010.00 13001.00
18525.00 25501.00 13185.00
18034.00 24155.00 13235.00
10/00 18086.00 24054.00 13318.00
17538.00 22158.00 13546.00
17801.00 22267.00 13813.00
18111.00 23057.00 14045.00
17403.00 20957.00 14189.00
16719.00 19630.00 14255.00
17388.00 21153.00 14147.00
17510.00 21295.00 14229.00
17067.00 20777.00 14297.00
17079.00 20574.00 14653.00
16464.00 19288.00 14841.00
15820.00 17731.00 14977.00
10/01 16157.00 18070.00 15358.00
16808.00 19456.00 15106.00
16874.00 19627.00 14987.00
16648.00 19341.00 15096.00
16546.00 18967.00 15224.00
16822.00 19680.00 14915.00
15951.00 18488.00 15205.00
15860.00 18352.00 15345.00
15199.00 17045.00 15475.00
14721.00 15717.00 15661.00
14744.00 15820.00 16012.00
13812.00 14102.00 16356.00
10/02 14475.00 15342.00 16199.00
15126.00 16244.00 16208.00
14645.00 15290.00 16638.00
14381.00 14891.00 16638.00
14289.00 14668.00 16934.00
14314.00 14810.00 16912.00
15028.00 16029.00 17093.00
15638.00 16872.00 17621.00
15760.00 17088.00 17551.00
15818.00 17389.00 16815.00
15980.00 17728.00 16926.00
15925.00 17540.00 17419.00
10/03 16448.00 18531.00 17198.00
16563.00 18694.00 17244.00
17260.00 19674.00 17414.00
17353.00 20036.00 17573.00
17492.00 20314.00 17787.00
17317.00 20008.00 17951.00
17002.00 19693.00 17400.00
17130.00 19963.00 17311.00
17421.00 20351.00 17382.00
16989.00 19677.00 17566.00
17118.00 19756.00 17938.00
17082.00 19969.00 18001.00
10/04 17094.00 20275.00 18158.00
17410.00 21094.00 17956.00
17852.00 21811.00 18147.00
17651.00 21279.00 18274.00
17887.00 21725.00 18153.00
17501.00 21341.00 18026.00
04/05 17441.00 20935.00 18296.00
</Table>
<Table>
--- ADVISERS FUND -- LEHMAN BROTHERS GOVERNMENT/ --- S&P 500 INDEX
$9,450 starting value CREDIT BOND INDEX $10,000 starting value
$17,441 ending value $10,000 starting value $20,935 ending value
$18,296 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ----------------------------------------------------------
Advisers A# 7/22/1996 2.58% -0.59% 7.24%
- ----------------------------------------------------------
Advisers A## 7/22/1996 -3.07% -1.70% 6.55%
- ----------------------------------------------------------
Advisers B# 7/22/1996 1.84% -1.30% NA*
- ----------------------------------------------------------
Advisers B## 7/22/1996 -3.16% -1.66% NA*
- ----------------------------------------------------------
Advisers C# 7/22/1996 1.89% -1.23% 6.51%
- ----------------------------------------------------------
Advisers C## 7/22/1996 0.89% -1.23% 6.51%
- ----------------------------------------------------------
Advisers Y# 7/22/1996 2.85% -0.10% 7.74%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Class B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) 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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
RAND L. ALEXANDER, CFA
Senior Vice President, Partner, Portfolio Manager
JOHN C. KEOGH
Senior Vice President, Partner, Portfolio Manager
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Advisers Fund Class A, before sales charge, returned 2.04% for the
six-month period ended April 30, 2005. The Fund trailed its Composite Index (S&P
500 Index 55%, Lehman Brother Government/Credit 35%, Treasury Bill 10%) return
of 2.26%, and the Lipper Flexible Portfolio Funds average of 2.80%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund lagged the benchmark slightly due to stock selection in its equity
portion. Fund's decision to overweight equities and the performance in its fixed
income portion helped relative results. We have maintained an equity weighting
in the Fund between 67% and 70% during the period, which helped performance as
equities outperformed fixed income. Our fixed income performance was relatively
strong as we had a lower duration during the period of rising rates, which
helped the Fund.
In terms of the equity portion, our relative results benefited from our sector
allocations. We held overweight positions in the strong performing Energy and
Health Care sectors and had no exposure to the poor performing
Telecommunications Services sector. The Fund was held back slightly, however, by
having no exposure to Utilities stocks. Utility stocks were the strongest area
of the market during the period.
Overall, stock selection in the equity portion detracted from relative results.
Positive results in Information Technology, Industrials, and Consumer
Discretionary were offset by relative weakness in Health Care, Financials, and
Energy. Top contributors during the period were Exxon Mobil (Energy), General
Electric (Capital Goods), and Gillette (Household and Personal Products). Exxon
Mobil was well-positioned in the environment of high energy prices. General
Electric is executing well across several of their business units. Gillette
shares rose sharply after Procter & Gamble announced their plans to acquire the
company. The largest detractors from absolute results during the period were
American International Group (Insurance), Home Depot (Retailing), and Fannie Mae
(Banks). Each stock remained in the portfolio at the end of the period. AIG
declined after investigations into accounting and business practices which led
to the resignation of their longtime CEO, Hank Greenberg. Home Depot fell amid
concerns about high energy costs and rising interest rates dampening consumer
spending, and Fannie Mae declined due to regulatory scrutiny of accounting
practices.
WHAT IS THE OUTLOOK?
On May 1, 2005, Steven T. Irons and Saul J. Pannell replaced Rand L. Alexander
as managers of the equity portion of the Fund; Mr. Alexander is retiring from
Wellington Management Company,
1
- --------------------------------------------------------------------------------
LLP. Mr. Irons and Mr. Pannell are both experienced investment professionals who
have successful track records with Hartford Funds. Mr. Irons has been involved
with The Hartford Value Fund and The Hartford Equity Income Fund investment team
and Mr. Pannell has been portfolio manager for The Hartford Capital Appreciation
Fund. John C. Keogh will continue in his role as portfolio manager for the fixed
income portion of the Fund.
Mr. Irons and Mr. Pannell will continue to manage the stock portion with a large
cap, core approach. They will apply a bottom-up investment process in
constructing a diversified portfolio. They will look for companies that exhibit
some or all of the following characteristics: industry leadership, strong
balance sheets, solid management teams, high return on equity, accelerating
earnings, and/or attractive valuation with a catalyst. The equity managers will
continue to work collaboratively with Mr. Keogh to make decisions regarding
portfolio weights in stocks, bonds, and cash.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.4%
- -------------------------------------------------------------------
Capital Goods 5.1
- -------------------------------------------------------------------
Consumer Cyclical 6.5
- -------------------------------------------------------------------
Consumer Staples 8.5
- -------------------------------------------------------------------
Energy 8.0
- -------------------------------------------------------------------
Finance 39.3
- -------------------------------------------------------------------
General Obligations 0.1
- -------------------------------------------------------------------
Health Care 11.0
- -------------------------------------------------------------------
Services 3.3
- -------------------------------------------------------------------
Technology 15.8
- -------------------------------------------------------------------
Transportation 0.5
- -------------------------------------------------------------------
U.S. Government Agencies 1.2
- -------------------------------------------------------------------
U.S. Government Securities 15.0
- -------------------------------------------------------------------
Utilities 0.8
- -------------------------------------------------------------------
Other Assets & Liabilities -19.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
COMPOSITION BY SECTOR
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
SECTOR NET ASSETS
- -------------------------------------------------------------------
Common Stock 67.8%
- -------------------------------------------------------------------
Asset Backed and Commercial Mortgage Securities 3.0
- -------------------------------------------------------------------
Corporate Bonds: Investment Grade 11.5
- -------------------------------------------------------------------
U.S. Government Securities 15.0
- -------------------------------------------------------------------
U.S. Government Agencies 1.2
- -------------------------------------------------------------------
Short-Term Investments 21.0
- -------------------------------------------------------------------
Other Assets & Liabilities -19.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
2
The Hartford Aggressive Growth Allocation Fund
(advised by Hartford Investment Financial Services, LLC)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/28/04 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
AGGRESSIVE GROWTH ALLOCATION FUND S&P 500 INDEX
--------------------------------- -------------
5/28/04 9450.00 10000.00
6/04 9705.15 10194.00
7/04 9317.91 9856.58
8/04 9279.71 9896.00
9/04 9591.51 10002.90
10/04 9809.24 10155.90
11/04 10290.90 10566.20
12/04 10669.60 10925.50
1/05 10357.00 10658.90
2/05 10565.10 10882.70
3/05 10328.50 10690.10
4/05 10072.30 10487.00
</Table>
<Table>
--- AGGRESSIVE GROWTH ALLOCATION FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$10,072 ending value $10,487 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE INCEPTION
- ------------------------------------------------------------
Aggressive Growth Allocation A# 5/28/2004 6.59%
- ------------------------------------------------------------
Aggressive Growth Allocation A## 5/28/2004 0.75%
- ------------------------------------------------------------
Aggressive Growth Allocation B# 5/28/2004 5.92%
- ------------------------------------------------------------
Aggressive Growth Allocation B## 5/28/2004 0.92%
- ------------------------------------------------------------
Aggressive Growth Allocation C# 5/28/2004 5.92%
- ------------------------------------------------------------
Aggressive Growth Allocation C## 5/28/2004 4.92%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Senior Vice President
CHRISTOPHER HANLON, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six month period ended April 30, 2005, The Hartford Aggressive Growth
Allocation Fund Class A had a total return, before sales charge, of 2.69% versus
the return of 5.03% for the Lipper peer group and 3.28% for the S&P 500 Index.
WHY DID THE FUND PERFORM THIS WAY?
Within the S&P 500, health services was the top performer, followed by energy
minerals and utilities. The Fund is structured around five equity indices. For
the six month period, the MSCI EAFE was the top performer (up 8.95%), followed
by the S&P Midcap 400 (up 5.68%), S&P 500/Barra Value (up 3.51%), S&P 500/Barra
Growth (up 3.03%), and Russell 2000 (down 0.15%). The Fund continued to benefit
from value within its large cap equity allocations. The Fund also continued to
benefit, relative to the benchmark, from its allocations within the
international and mid-cap sectors. These sectors are not represented in the S&P
500. The Fund overall underperformed the benchmark as several of the underlying
funds underperformed their benchmarks. However, we maintain conviction in our
index level allocations.
OUTLOOK
The momentum in the economy appears to have weakened somewhat in the last month,
but consumer spending and business investments continue to fuel the economic
expansion. Headline inflation has increased as energy and commodity prices
remain high, but core measures remain at modest levels. We expect the Federal
Open Market Committee to continue on its path of gradually raising interest
rates. Looking forward, there are signs that rising energy costs may slow mid
year economic growth. The magnitude of the inflationary pressures from commodity
price increases is the key issue in the months ahead.
The consumer sector is still contributing to economic growth as personal income
and personal spending increased at a strong pace. Consumer confidence measures
have slipped somewhat but remain elevated. We do not expect a significant
slowdown in the consumer segment if job growth continues and the housing market
remains firm. Record high gas prices, though, are the primary risk. The business
sector is healthy with 4th quarter corporate revenues and profits up 13% and 20%
year over respectively. Business investment has been strong, particularly in
capital goods. Industrial and manufacturing statistics remain relatively firm,
indicating that the current business environment is favorable. Business
confidence surveys have receded from high levels, but business leaders remain
optimistic.
The US current account deficit is still a major long-term concern as it reached
a record $ 665.9 billion, or 5.7% of GDP. A reversal of the deficit seems
unlikely in the medium term given the recent strength of the US dollar, high
energy prices, and low economic growth in Europe and Japan.
3
- --------------------------------------------------------------------------------
COMPOSITION BY UNDERLYING FUND
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
FUND NAME NET ASSETS
- -------------------------------------------------------------------
Hartford Capital Appreciation Fund, Class Y 5.9%
- -------------------------------------------------------------------
Hartford Disciplined Equity Fund, Class Y 11.9
- -------------------------------------------------------------------
Hartford Dividend and Growth Fund, Class Y 6.9
- -------------------------------------------------------------------
Hartford Global Leaders Fund, Class Y 5.0
- -------------------------------------------------------------------
Hartford Growth Fund, Class Y 10.9
- -------------------------------------------------------------------
Hartford International Capital Appreciation Fund,
Class Y 7.9
- -------------------------------------------------------------------
Hartford International Small Company Fund, Class Y 5.9
- -------------------------------------------------------------------
Hartford MidCap Value Fund, Class Y 5.9
- -------------------------------------------------------------------
Hartford Small Company Fund, Class Y 4.9
- -------------------------------------------------------------------
Hartford SmallCap Growth Fund, Class Y 10.0
- -------------------------------------------------------------------
Hartford Value Fund, Class Y 12.0
- -------------------------------------------------------------------
Hartford Value Opportunities Fund, Class Y 11.9
- -------------------------------------------------------------------
Other Assets and Liabilities 0.9
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
4
The Hartford Balanced Allocation Fund
(advised by Hartford Investment Financial Services, LLC)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION
AND
INCOME.
PERFORMANCE OVERVIEW(2) 5/28/04 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S.
BALANCED ALLOCATION FUND S&P 500 INDEX AGGREGATE BOND INDEX
------------------------ ------------- --------------------
5/28/04 9450.00 10000.00 10000.00
6/04 9582.00 10194.00 10057.00
7/04 9394.00 9857.00 10157.00
8/04 9412.00 9896.00 10351.00
9/04 9606.00 10003.00 10379.00
10/04 9748.00 10156.00 10466.00
11/04 10023.00 10566.00 10382.00
12/04 10292.00 10925.00 10477.00
1/05 10102.00 10659.00 10543.00
2/05 10216.00 10883.00 10481.00
3/05 10051.00 10690.00 10428.00
4/05 9937.00 10487.00 10569.00
</Table>
<Table>
--- BALANCED ALLOCATION FUND -- LEHMAN BROTHERS U.S. AGGREGATE --- S&P 500 INDEX
$9,450 starting value BOND INDEX $10,000 starting value
$9,937 ending value $10,000 starting value $10,487 ending value
$10,569 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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 Index and Commercial
Mortgage-Backed Securities Index.
The value of shares will fluctuate so that, when redeemed, shares may be worth
more or less than their original cost. The chart and table do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares.
Performance information may reflect historical or current expense
waivers/reimbursements from an affiliate of the investment adviser, without
which performance would have been lower. For information on current expense
waivers/reimbursements, please see the prospectus.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE INCEPTION
- ---------------------------------------------------
Balanced Allocation A# 5/28/2004 5.15%
- ---------------------------------------------------
Balanced Allocation A## 5/28/2004 -0.61%
- ---------------------------------------------------
Balanced Allocation B# 5/28/2004 4.48%
- ---------------------------------------------------
Balanced Allocation B## 5/28/2004 -0.52%
- ---------------------------------------------------
Balanced Allocation C# 5/28/2004 4.38%
- ---------------------------------------------------
Balanced Allocation C## 5/28/2004 3.38%
- ---------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Senior Vice President
CHRISTOPHER HANLON, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Balanced Allocation
Fund Class A had a total return, before sales charge, of 1.94%, versus the
return of 2.54% for the Lipper peer group and 3.28% for the S&P 500 Index and
0.98% for the Lehman Brothers U.S. Aggregate Bond Index.
WHY DID THE FUND PERFORM THIS WAY?
Yields rose during the period, with the ten-year Treasury note yield rising 18
basis points to 4.20% and the five-year Treasury note yield rising 62 basis
points to 3.90%. The yield curve flattened, however, as the yield on the 30 year
Treasury declined by 38 basis points. The Fund's duration was less than the
Lehman Brothers U.S. Aggregate Bond Index, which added to overall performance.
Within the major sectors of the Lehman Brothers U.S. Aggregate Index,
mortgage-backed securities were the top performer, while asset-backed securities
were the worst. The fixed income component of the Fund is structured around five
fixed income indices. For the period, the Lehman U.S. TIPS Index was the top
performer (up 3.10%), followed by the Merrill Lynch 3-Month U.S. Treasury Bill
Index (up 1.15%), Lehman Brothers U.S. Aggregate Index (up 0.98%), Lehman
Brothers High Yield Index (up 0.08%), and Lehman Brothers 1-3 Year Government
Index (up 0.05%). The Fund benefited, relative to the Index, from its allocation
to the Treasury Inflation Protected Securities (TIPS) and cash asset classes.
The Fund's benchmark does not have an allocation to TIPS or cash securities.
Within the S&P 500, Health Services was the top performer, followed by energy
minerals and utilities. The equity component of the Fund is structured around
five equity indices. For the six month period, the MSCI EAFE was the top
performer (up 8.95%), followed by the S&P Midcap 400 (up 5.68%), S&P 500/ Barra
Value (up 3.51%), S&P 500/Barra Growth (up 3.03%), and Russell 2000 (down
0.15%). The Fund continued to benefit from value within its large cap equity
allocations. The Fund also continued to benefit, relative to the benchmark, from
its allocations within the international and mid-cap sectors. These sectors are
not represented in the S&P 500. The Fund overall underperformed the benchmark as
several of the underlying funds underperformed their benchmarks. However, we
maintain conviction in our index level allocations.
OUTLOOK
The momentum in the economy appears to have weakened somewhat in the last month,
but consumer spending and business investments continue to fuel the economic
expansion. Headline
5
- --------------------------------------------------------------------------------
inflation has increased as energy and commodity prices remain high, but core
measures remain at modest levels. We expect the Federal Open Market Committee to
continue on its path of gradually raising interest rates. Looking forward, there
are signs that rising energy costs may slow mid year economic growth. The
magnitude of the inflationary pressures from commodity price increases is the
key issue in the months ahead.
The consumer sector is still contributing to economic growth as personal income
and personal spending increased at a strong pace. Consumer confidence measures
have slipped somewhat but remain elevated. We do not expect a significant
slowdown in the consumer segment if job growth continues and the housing market
remains firm. Record high gas prices, though, are the primary risk. The business
sector is healthy with 4th quarter corporate revenues and profits up 13% and 20%
year over respectively. Business investment has been strong, particularly in
capital goods. Industrial and manufacturing statistics remain relatively firm,
indicating that the current business environment is favorable. Business
confidence surveys have receded from high levels, but business leaders remain
optimistic.
The US current account deficit is still a major long-term concern as it reached
a record $665.9 billion, or 5.7% of GDP. A reversal of the deficit seems
unlikely in the medium term given the recent strength of the US dollar, high
energy prices, and low economic growth in Europe and Japan.
COMPOSITION BY UNDERLYING FUND
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
FUND NAME NET ASSETS
- -------------------------------------------------------------------
Hartford Capital Appreciation Fund, Class Y 9.4%
- -------------------------------------------------------------------
Hartford Disciplined Equity Fund, Class Y 4.5
- -------------------------------------------------------------------
Hartford Dividend and Growth Fund, Class Y 2.8
- -------------------------------------------------------------------
Hartford Global Leaders Fund, Class Y 1.9
- -------------------------------------------------------------------
Hartford Growth Fund, Class Y 5.3
- -------------------------------------------------------------------
Hartford Growth Opportunities Fund, Class Y 4.1
- -------------------------------------------------------------------
Hartford High Yield Fund, Class Y 2.7
- -------------------------------------------------------------------
Hartford Income Fund, Class Y 2.5
- -------------------------------------------------------------------
Hartford Inflation Plus Fund, Class Y 9.7
- -------------------------------------------------------------------
Hartford International Capital Appreciation Fund,
Class Y 7.6
- -------------------------------------------------------------------
Hartford MidCap Value Fund, Class Y 4.7
- -------------------------------------------------------------------
Hartford Money Market Fund, Class Y 1.9
- -------------------------------------------------------------------
Hartford Short Duration Fund, Class Y 11.9
- -------------------------------------------------------------------
Hartford Small Company Fund, Class Y 4.0
- -------------------------------------------------------------------
Hartford SmallCap Growth Fund, Class Y 1.4
- -------------------------------------------------------------------
Hartford Stock Fund, Class Y 2.8
- -------------------------------------------------------------------
Hartford Total Return Bond Fund, Class Y 9.4
- -------------------------------------------------------------------
Hartford Value Fund, Class Y 5.0
- -------------------------------------------------------------------
Hartford Value Opportunities Fund, Class Y 7.4
- -------------------------------------------------------------------
Other Assets & Liabilities 1.0
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
6
The Hartford Capital Appreciation Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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
38559 19693
39334 19963
40899 20351
38916 19677
38297 19756
39599 19969
10/04 40494 20275
43268 21094
44886 21811
43845 21279
45515 21725
43754 21341
4/05 42455 20935
</Table>
<Table>
--- CAPITAL APPRECIATION FUND --- S & P 500 INDEX
$9,450 starting value $10,000 starting value
$42,455 ending value $20,935 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ---------------------------------------------------------
Cap App A# 7/22/1996 10.13% 3.54% 18.69%
- ---------------------------------------------------------
Cap App A## 7/22/1996 4.06% 2.38% 17.93%
- ---------------------------------------------------------
Cap App B# 7/22/1996 9.37% 2.78% NA*
- ---------------------------------------------------------
Cap App B## 7/22/1996 4.37% 2.44% NA*
- ---------------------------------------------------------
Cap App C# 7/22/1996 9.46% 2.87% 17.90%
- ---------------------------------------------------------
Cap App C## 7/22/1996 8.46% 2.87% 17.90%
- ---------------------------------------------------------
Cap App Y# 7/22/1996 10.73% 4.10% 19.29%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Class B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) 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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT
SAUL J. PANNELL, CFA
Senior Vice President, Partner, Portfolio Manager
FRANK D. CATRICKES, CFA
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Capital Appreciation Fund Class A returned 4.87%, before sales
charge, for the six-month period ended April 30, 2005. The Fund's performance
outpaced both the 3.32% return for the Composite Index (40% S&P 500, 60% Russell
2500) and the Lipper Multi-Cap Core Average, which returned 3.01% for the same
time period.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's strong relative performance was driven by stock selection, while
sector allocation decisions had a negative impact. Despite the sector's overall
weakness, Technology stocks were a strong source of returns for the Fund. The
largest contributor in the sector was Korean electronics firm Samsung, which
rose on strong handset and memory sales, as well as expectations of improved
contribution from sales of LCD screens later in the year. In the Materials
sector, Canadian mining company Teck Cominco benefited from tight supplies of
metallurgical coal, a key component of steel manufacturing, where the company is
the number two producer. In addition, shares of diversified natural resources
company BHP Billiton rose on continued pricing strength in commodities, with
strong earnings contribution coming from its energy, carbon steel materials, and
base metals operations. In the Finance sector, mortgage originator Countrywide
Financial rose on strong earnings driven by a mix shift into more profitable
adjustable rate mortgages as well as a favorable interest rate environment.
Other positive contributors during the period included refiner Valero Energy and
department store operator Neiman-Marcus.
Stock selection was detrimental in only one sector during the period. Health
Care biotechnology firm Elan suffered a steep decline after pulling its
much-heralded multiple sclerosis drug Tysabri from the market following patient
deaths associated with the treatment, and OSI Pharmaceuticals declined on
expense concerns regarding its launch of Tarceva, a drug that treats non-small
cell lung cancer. Negative returns in these stocks contributed to overall
declines in the Fund's Health Care holdings. Other negative contributors
included insurance giant American International Group, long distance and
wireless phone operator Sprint, and container firm Smurfit-Stone. Negative
results from sector allocation were mostly due to underweight positions in the
Health Care and Utilities sectors.
WHAT IS THE OUTLOOK?
We expect economic expansion during the remainder of 2005, but we are preparing
for a deceleration from recent growth rates. This
7
- --------------------------------------------------------------------------------
period will not feel as good as the recovery we have experienced over the past
two years, and we expect the main engine of growth during that time, the US
consumer, may have trouble keeping pace. We expect the commercial and industrial
side of the economy to pick up the slack.
We remain focused on picking stocks one-at-a-time based on detailed fundamental
research. At the end of the period, our bottom-up focus resulted in
greater-than-benchmark weights in Materials, Telecommunications Services,
Technology and Energy, and less-than-benchmark weights in Utilities, Health
Care, Consumer Discretionary, and Consumer Staples, and a 25% weighting in
non-US stocks.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 11.8%
- -------------------------------------------------------------------
Capital Goods 7.1
- -------------------------------------------------------------------
Consumer Cyclical 3.1
- -------------------------------------------------------------------
Consumer Staples 1.5
- -------------------------------------------------------------------
Energy 7.8
- -------------------------------------------------------------------
Finance 38.5
- -------------------------------------------------------------------
Health Care 8.2
- -------------------------------------------------------------------
Services 5.9
- -------------------------------------------------------------------
Technology 24.8
- -------------------------------------------------------------------
Transportation 1.3
- -------------------------------------------------------------------
Utilities 0.3
- -------------------------------------------------------------------
Other Assets & Liabilities -10.3
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Australia 0.9%
- -------------------------------------------------------------------
Brazil 1.8
- -------------------------------------------------------------------
Canada 4.8
- -------------------------------------------------------------------
China 0.4
- -------------------------------------------------------------------
France 1.4
- -------------------------------------------------------------------
Greece 0.4
- -------------------------------------------------------------------
Hong Kong 0.5
- -------------------------------------------------------------------
India 0.5
- -------------------------------------------------------------------
Indonesia 0.3
- -------------------------------------------------------------------
Israel 0.9
- -------------------------------------------------------------------
Japan 4.3
- -------------------------------------------------------------------
Mexico 0.8
- -------------------------------------------------------------------
South Korea 3.4
- -------------------------------------------------------------------
Switzerland 2.0
- -------------------------------------------------------------------
Taiwan 1.4
- -------------------------------------------------------------------
Turkey 0.1
- -------------------------------------------------------------------
United Kingdom 1.9
- -------------------------------------------------------------------
United States 84.5
- -------------------------------------------------------------------
Other Assets & Liabilities -10.3
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
8
The Hartford Conservative Allocation Fund
(advised by Hartford Investment Financial Services, LLC)
INVESTMENT
OBJECTIVE -- SEEKS
CURRENT
INCOME
AND
LONG-
TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/28/04 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S.
CONSERVATIVE ALLOCATION FUND S&P 500 INDEX AGGREGATE BOND INDEX
---------------------------- ------------- --------------------
5/28/04 9450.00 10000.00 10000.00
6/04 9573.00 10194.00 10057.00
7/04 9431.00 9857.00 10157.00
8/04 9497.00 9896.00 10351.00
9/04 9606.00 10003.00 10379.00
10/04 9729.00 10156.00 10466.00
11/04 9900.00 10566.00 10382.00
12/04 10087.00 10925.00 10477.00
1/05 9982.00 10659.00 10543.00
2/05 10068.00 10883.00 10481.00
3/05 9930.00 10690.00 10428.00
4/05 9872.00 10487.00 10569.00
</Table>
<Table>
--- CONSERVATIVE ALLOCATION -- LEHMAN BROTHERS U.S. AGGREGATE --- S&P 500 INDEX
FUND BOND INDEX $10,000 starting value
$9,450 starting value $10,000 starting value $10,487 ending value
$9,872 ending value $10,569 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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 Index and Commercial
Mortgage-Backed Securities Index.
The value of shares will fluctuate so that, when redeemed, shares may be worth
more or less than their original cost. The chart and table do not reflect the
deduction of taxes that a shareholder would pay on fund distribution 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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE INCEPTION
- -------------------------------------------------------
Conservative Allocation A# 5/28/2004 4.46%
- -------------------------------------------------------
Conservative Allocation A## 5/28/2004 -1.26%
- -------------------------------------------------------
Conservative Allocation B# 5/28/2004 3.85%
- -------------------------------------------------------
Conservative Allocation B## 5/28/2004 -1.15%
- -------------------------------------------------------
Conservative Allocation C# 5/28/2004 3.85%
- -------------------------------------------------------
Conservative Allocation C## 5/28/2004 2.85%
- -------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Senior Vice President
CHRISTOPHER HANLON, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Conservative
Allocation Fund Class A had a total return, before sales charge of 1.46%, versus
the return of 2.54% for the Lipper peer group and 0.98% for the Lehman Brothers
U.S. Aggregate Bond Index and 3.28% for the S&P 500 Index.
WHY DID THE FUND PERFORM THIS WAY?
Yields rose during the period, with the ten-year Treasury note yield rising 18
basis points to 4.20% and the five-year Treasury note yield rising 62 basis
points to 3.90%. The yield curve flattened, however, as the yield on the 30 year
Treasury declined by 38 basis points. The Fund's duration was less than the
Lehman Brothers U.S. Aggregate Bond Index, which added to overall performance.
Within the major sectors of the Lehman Brothers U.S. Aggregate Index,
mortgage-backed securities were the top performer, while asset-backed securities
were the worst. The fixed income component of the asset allocation fund is
structured around five fixed income indices. For the period, the Lehman U.S.
TIPS Index was the top performer (up 3.10%), followed by the Merrill Lynch 3-
Month U.S. Treasury Bill Index (up 1.15%), Lehman Brothers U.S. Aggregate Index
(up 0.98%), Lehman Brothers High Yield Index (up 0.08%), and Lehman Brothers 1-3
Year Government Index (up 0.05%). The Fund benefited, relative to the Index,
from its allocation to the Treasury Inflation Protected Securities (TIPS) and
cash asset classes. The Fund's benchmark does not have an allocation to TIPS or
cash securities.
On the equity side, within the S&P 500, Health Services was the top performer,
followed by energy minerals and utilities. The equity component of the Fund is
structured around five equity indices. For the six month period, the MSCI EAFE
was the top performer (up 8.95%), followed by the S&P Midcap 400 (up 5.68%), S&P
500/Barra Value (up 3.51%), S&P 500/Barra Growth (up 3.03%), and Russell 2000
(down 0.15%). The Fund continued to benefit from value within its large cap
equity allocations. The Fund also continued to benefit, relative to the
benchmark, from its allocations within the international and mid-cap sectors.
These sectors are not represented in the S&P 500. The Fund overall
underperformed the benchmark as several of the underlying funds underperformed
their benchmarks. However, we maintain conviction in our index level
allocations.
9
- --------------------------------------------------------------------------------
WHAT IS THE OUTLOOK?
The momentum in the economy appears to have weakened somewhat in the last month,
but consumer spending and business investments continue to fuel the economic
expansion. Headline inflation has increased as energy and commodity prices
remain high, but core measures remain at modest levels. We expect the Federal
Open Market Committee to continue on its path of gradually raising interest
rates. Looking forward, there are signs that rising energy costs may slow mid
year economic growth. The magnitude of the inflationary pressures from commodity
price increases is the key issue in the months ahead.
The consumer sector is still contributing to economic growth as personal income
and personal spending increased at a strong pace. Consumer confidence measures
have slipped somewhat but remain elevated. We do not expect a significant
slowdown in the consumer segment if job growth continues and the housing market
remains firm. Record high gas prices, though, are the primary risk. The business
sector is healthy with 4th quarter corporate revenues and profits up 13% and 20%
year over year, respectively. Business investment has been strong, particularly
in capital goods. Industrial and manufacturing statistics remain relatively
firm, indicating that the current business environment is favorable. Business
confidence surveys have receded from high levels, but business leaders remain
optimistic.
The US current account deficit is still a major long-term concern as it reached
a record $ 665.9 billion, or 5.7% of GDP. A reversal of the deficit seems
unlikely in the medium term given the recent strength of the US dollar, high
energy prices, and low economic growth in Europe and Japan.
COMPOSITION BY UNDERLYING FUND
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
FUND NAME NET ASSETS
- -------------------------------------------------------------------
Hartford Capital Appreciation Fund, Class Y 7.0%
- -------------------------------------------------------------------
Hartford Disciplined Equity Fund, Class Y 4.0
- -------------------------------------------------------------------
Hartford Global Leaders Fund, Class Y 3.1
- -------------------------------------------------------------------
Hartford High Yield Fund, Class Y 7.8
- -------------------------------------------------------------------
Hartford Income Fund, Class Y 1.9
- -------------------------------------------------------------------
Hartford Inflation Plus Fund, Class Y 14.9
- -------------------------------------------------------------------
Hartford International Capital Appreciation Fund,
Class Y 3.0
- -------------------------------------------------------------------
Hartford International Small Company Fund, Class Y 1.9
- -------------------------------------------------------------------
Hartford MidCap Value Fund, Class Y 5.0
- -------------------------------------------------------------------
Hartford Money Market Fund, Class Y 3.9
- -------------------------------------------------------------------
Hartford Short Duration Fund, Class Y 17.2
- -------------------------------------------------------------------
Hartford SmallCap Growth Fund, Class Y 1.9
- -------------------------------------------------------------------
Hartford Stock Fund, Class Y 7.9
- -------------------------------------------------------------------
Hartford Total Return Bond Fund, Class Y 13.8
- -------------------------------------------------------------------
Hartford Value Opportunities Fund, Class Y 5.9
- -------------------------------------------------------------------
Other Assets & Liabilities 0.8
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
10
The Hartford Disciplined Equity Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
GROWTH
OF
CAPITAL
AND
CURRENT
INCOME.
PERFORMANCE OVERVIEW(3) 4/30/98 - 4/30/05
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 9450.00 10000.00
9242.00 9828.00
9591.00 10227.00
9591.00 10119.00
8269.00 8656.00
8829.00 9211.00
10/98 9625.00 9959.00
10155.00 10563.00
10847.00 11171.00
11197.00 11638.00
10790.00 11276.00
11311.00 11727.00
11652.00 12181.00
11416.00 11894.00
12145.00 12554.00
11889.00 12162.00
11719.00 12101.00
11369.00 11770.00
10/99 11861.00 12515.00
12178.00 12769.00
13104.00 13520.00
12359.00 12841.00
12330.00 12598.00
13648.00 13830.00
13104.00 13414.00
12779.00 13139.00
13249.00 13462.00
13143.00 13252.00
14029.00 14075.00
13182.00 13332.00
10/00 13124.00 13276.00
12074.00 12230.00
12254.00 12291.00
12855.00 12727.00
11813.00 11568.00
11171.00 10836.00
12073.00 11676.00
12173.00 11754.00
11922.00 11469.00
11663.00 11356.00
10971.00 10646.00
10059.00 9787.00
10/01 10380.00 9974.00
11112.00 10739.00
11212.00 10834.00
10952.00 10676.00
10631.00 10470.00
11022.00 10863.00
10251.00 10205.00
10150.00 10130.00
9299.00 9409.00
8657.00 8675.00
8707.00 8732.00
7755.00 7784.00
10/02 8447.00 8468.00
8898.00 8966.00
8397.00 8440.00
8117.00 8220.00
7987.00 8096.00
8037.00 8175.00
8659.00 8848.00
9130.00 9313.00
9210.00 9432.00
9331.00 9598.00
9542.00 9785.00
9542.00 9682.00
10/03 10103.00 10229.00
10253.00 10319.00
10780.00 10860.00
10941.00 11059.00
11061.00 11213.00
10891.00 11044.00
10740.00 10870.00
10731.00 11019.00
10971.00 11233.00
10530.00 10861.00
10520.00 10905.00
10630.00 11022.00
10/04 10700.00 11191.00
11161.00 11643.00
11613.00 12039.00
11392.00 11745.00
11614.00 11992.00
11392.00 11780.00
4/05 11190.00 11556.00
</Table>
<Table>
--- DISCIPLINED EQUITY FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$11,190 ending value $11,556 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------------
Disciplined Eqy A# 4/30/1998 4.19% -3.11% 2.44%
- -----------------------------------------------------------------
Disciplined Eqy A## 4/30/1998 -1.51% -4.21% 1.62%
- -----------------------------------------------------------------
Disciplined Eqy B# 4/30/1998 3.46% -3.81% 1.71%
- -----------------------------------------------------------------
Disciplined Eqy B## 4/30/1998 -1.54% -4.18% 1.71%
- -----------------------------------------------------------------
Disciplined Eqy C# 4/30/1998 3.51% -3.80% 1.73%
- -----------------------------------------------------------------
Disciplined Eqy C## 4/30/1998 2.51% -3.80% 1.73%
- -----------------------------------------------------------------
Disciplined Eqy Y# 4/30/1998 4.81% -2.62% 2.96%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT
JAMES A. RULLO, CFA
Senior Vice President, Partner, Portfolio Manager
MAMMEN CHALLY, CFA
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Disciplined Equity Fund Class A returned 4.58% for the six-month
period ended April 30, 2005, outperforming both its benchmark, the S&P 500
Index, which returned 3.28% and the Lipper Large Cap Core Average, which
returned 2.52%.
WHY DID THE FUND PERFORM THIS WAY?
Strong stock selection boosted returns during the six-month period. Top
performing sectors included Consumer Staples, Consumer Discretionary and Energy.
Overall, the largest contributors to the Fund were tobacco and food stock
Altria, Health Care companies HCA and Medco Health Solutions, and Energy company
ConocoPhillips. Altria was boosted by positive litigation developments and a
rise in cigarette prices. We continue to favor this stock as we expect that
Altria will spin off its Kraft division. Integrated energy firm ConocoPhillips
benefited from higher oil and gas prices. As the largest player in the US
downstream market, ConocoPhillips also got a boost from the robust refining
margin environment.
Stock selection within the Industrials sector had a negative impact on returns.
Our underweights to Ingersoll-Rand and General Electric, which rose during the
period, as well as our overweight to Parker Hannifin, which fell during the
period, hurt performance. The company lowered guidance for each of the last two
quarters as a result of growing inventory levels. We believe that inventory
levels have peaked and that the valuation is still attractive for Parker
Hannifin.
Other detractors included Exxon Mobil, FHLMC, and King Pharmaceuticals. As the
Energy sector continued to see strong returns boosted by high oil prices, our
underweight position to Exxon Mobil, which was up 17% over the period, hurt Fund
performance. FHLMC was negatively impacted by the continued regulatory concerns
at Fannie Mae. King Pharmaceuticals fell as it announced a decline in earnings.
This was attributed to a drop in sales as the company had worked aggressively to
lower inventories throughout 2004. We continue to hold the stock as King
Pharmaceuticals generates significant levels of cash flow and has attractive
products, such as a cardiac imaging agent, in its pipeline.
WHAT IS THE OUTLOOK?
Our current outlook for 2005 is for a deceleration from growth. In our view,
this will be driven by slower growth in consumer spending due to higher energy
costs and higher gasoline prices. In addition, slower job growth and tighter
fiscal policy are also likely to dampen consumer spending. However, we do expect
decent, albeit slower, growth in corporate profits and business investment.
11
- --------------------------------------------------------------------------------
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.5%
- -------------------------------------------------------------------
Capital Goods 8.7
- -------------------------------------------------------------------
Consumer Cyclical 5.9
- -------------------------------------------------------------------
Consumer Staples 7.5
- -------------------------------------------------------------------
Energy 10.2
- -------------------------------------------------------------------
Finance 20.9
- -------------------------------------------------------------------
Health Care 12.4
- -------------------------------------------------------------------
Services 5.8
- -------------------------------------------------------------------
Technology 21.4
- -------------------------------------------------------------------
Utilities 2.8
- -------------------------------------------------------------------
Other Assets & Liabilities -0.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
12
The Hartford Dividend and Growth Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
A HIGH
LEVEL
OF
CURRENT
INCOME
CONSISTENT
WITH
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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 9450.00 10000.00
9545.00 10102.00
9695.00 10317.00
10149.00 10897.00
10/96 10423.00 11198.00
10990.00 12043.00
10894.00 11805.00
11409.00 12542.00
11589.00 12641.00
11142.00 12122.00
11504.00 12845.00
12246.00 13630.00
12906.00 14236.00
13652.00 15368.00
13002.00 14507.00
13768.00 15301.00
10/97 13356.00 14790.00
13988.00 15475.00
14270.00 15741.00
14454.00 15914.00
15066.00 17061.00
15858.00 17935.00
15771.00 18118.00
15509.00 17806.00
15671.00 18529.00
15553.00 18333.00
13565.00 15684.00
14415.00 16689.00
10/98 15434.00 18044.00
15895.00 19138.00
16335.00 20240.00
16179.00 21086.00
15933.00 20430.00
16325.00 21248.00
17330.00 22070.00
16887.00 21549.00
17456.00 22745.00
16913.00 22035.00
16478.00 21925.00
16041.00 21324.00
10/99 16962.00 22674.00
16867.00 23134.00
17083.00 24495.00
16393.00 23265.00
15470.00 22825.00
17173.00 25058.00
16960.00 24304.00
17317.00 23805.00
16774.00 24391.00
16774.00 24010.00
17725.00 25501.00
17893.00 24155.00
10/00 18242.00 24054.00
17883.00 22158.00
18800.00 22267.00
18509.00 23057.00
18337.00 20957.00
17746.00 19630.00
18653.00 21153.00
18967.00 21295.00
18479.00 20777.00
18597.00 20574.00
18002.00 19288.00
16830.00 17731.00
10/01 16841.00 18070.00
17748.00 19456.00
17938.00 19627.00
17983.00 19341.00
18258.00 18967.00
18744.00 19680.00
17970.00 18488.00
18135.00 18352.00
17185.00 17045.00
15855.00 15717.00
15744.00 15820.00
14034.00 14102.00
10/02 15065.00 15342.00
16075.00 16244.00
15392.00 15290.00
14870.00 14891.00
14559.00 14668.00
14528.00 14810.00
15586.00 16029.00
16577.00 16872.00
16717.00 17088.00
16874.00 17389.00
17242.00 17728.00
17035.00 17540.00
10/03 17840.00 18531.00
18165.00 18694.00
19342.00 19674.00
19398.00 20036.00
19746.00 20314.00
19497.00 20008.00
19306.00 19693.00
19317.00 19963.00
19808.00 20351.00
19358.00 19677.00
19527.00 19756.00
19863.00 19969.00
10/04 20077.00 20275.00
20932.00 21094.00
21665.00 21811.00
21128.00 21279.00
21884.00 21725.00
21446.00 21341.00
4/05 20987.00 20935.00
</Table>
<Table>
--- DIVIDEND AND GROWTH FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$20,987 ending value $20,935 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- --------------------------------------------------------------
Div & Growth A# 7/22/1996 8.68% 4.35% 9.52%
- --------------------------------------------------------------
Div & Growth A## 7/22/1996 2.71% 3.18% 8.82%
- --------------------------------------------------------------
Div & Growth B# 7/22/1996 7.75% 3.56% NA*
- --------------------------------------------------------------
Div & Growth B## 7/22/1996 2.75% 3.21% NA*
- --------------------------------------------------------------
Div & Growth C# 7/22/1996 7.92% 3.66% 8.78%
- --------------------------------------------------------------
Div & Growth C## 7/22/1996 6.92% 3.66% 8.78%
- --------------------------------------------------------------
Div & Growth Y# 7/22/1996 9.11% 4.91% 10.07%
- --------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Class B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) 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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
EDWARD P. BOUSA, CFA
Vice President, Portfolio Manager
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Dividend and Growth Fund Class A, before sales charge, returned
4.52% for the six-month period ended April 30, 2005. The Fund underperformed the
Lipper Equity Income Average, which returned 5.35%, and outperformed its
benchmark, the S&P 500 Index, which returned 3.28% over the same period.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's outperformance relative to the S&P 500 was primarily due to sector
allocation. Our significant overweighting to Energy contributed positively to
performance as the sector significantly outperformed the market amid rising
energy prices. In addition, our underweight to Information Technology helped
relative performance as fears of slowing economic demand hurt the sector's
returns. Finally, outperformance relative to the S&P 500 was helped by stock
selection in Consumer Staples stocks.
The Fund's top two contributors over the period, Encana and Exxon Mobil, were
both energy stocks which benefited from the rise in energy prices. Other top
performers included tobacco and food stock Altria, which was boosted by positive
litigation developments and the rise in cigarette prices, and Dupont, which is
seeing pricing power improve across several important product areas.
Detractors from performance included IBM, American International Group and MBNA.
Other stocks that had a negative impact on performance were Delphi, Parker
Hannifin, and Verizon. Delphi's results suffered in response to continued
difficulties for its main customer, General Motors. Delphi appears to have
insurmountable problems, and we have exited this position. Parker Hannifin has
lowered guidance for each of the last two quarters as a result of growing
inventory levels. We believe that inventory levels have peaked and that the
valuation is still attractive for the company. Finally, Verizon lagged as access
line losses continued to put pressure on revenues. Good wireless results were
not enough to offset these competitive pressures.
WHAT IS THE OUTLOOK?
Our discipline is strongest in understanding the supply and demand in many
sectors. Energy has been a major focus in recent years. We believe that Energy
prices will remain high in coming years and that many stocks do not yet discount
that possibility. Currently, we are finding opportunities within a somewhat more
defensive mix while remaining overweight. We are also trimming some cyclical
stocks such as chemicals and railroads.
13
- --------------------------------------------------------------------------------
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 8.5%
- -------------------------------------------------------------------
Capital Goods 5.9
- -------------------------------------------------------------------
Consumer Cyclical 5.5
- -------------------------------------------------------------------
Consumer Staples 9.5
- -------------------------------------------------------------------
Energy 13.6
- -------------------------------------------------------------------
Finance 22.4
- -------------------------------------------------------------------
Health Care 9.5
- -------------------------------------------------------------------
Services 3.8
- -------------------------------------------------------------------
Technology 14.9
- -------------------------------------------------------------------
Transportation 4.0
- -------------------------------------------------------------------
Utilities 4.1
- -------------------------------------------------------------------
Other Assets & Liabilities -1.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
14
The Hartford Equity Income Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
A HIGH
LEVEL OF
CURRENT
INCOME
CONSISTENT
WITH
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(2) 8/28/03 - 4/30/05
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
9403.00 9902.00
10/03 9800.00 10508.00
9944.00 10651.00
10612.00 11307.00
10545.00 11506.00
10735.00 11753.00
10621.00 11649.00
4/04 10430.00 11365.00
10468.00 11481.00
10631.00 11752.00
10420.00 11586.00
10640.00 11751.00
10761.00 11933.00
10/04 10857.00 12131.00
11285.00 12745.00
11620.00 13172.00
11455.00 12937.00
11902.00 13365.00
11605.00 13182.00
4/05 11566.00 12946.00
</Table>
<Table>
--- EQUITY INCOME FUND --- RUSSELL 1000 VALUE INDEX
$9,450 starting value $10,000 starting value
$11,566 ending value $12,946 ending value
</Table>
RUSSELL 1000 VALUE INDEX measures the performance of those Russell 1000 Index
companies with lower price-to-book ratios and lower forecasted growth values.
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.
PORTFOLIO MANAGER
JOHN R. RYAN, CFA
Senior Vice President, Managing Partner, Portfolio Manager
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- -----------------------------------------------------------------
Equity Income A# 8/28/2003 10.89% 12.79%
- -----------------------------------------------------------------
Equity Income A## 8/28/2003 4.76% 9.07%
- -----------------------------------------------------------------
Equity Income B# 8/28/2003 9.95% 11.87%
- -----------------------------------------------------------------
Equity Income B## 8/28/2003 4.95% 9.64%
- -----------------------------------------------------------------
Equity Income C# 8/28/2003 10.16% 12.03%
- -----------------------------------------------------------------
Equity Income C## 8/28/2003 9.16% 12.03%
- -----------------------------------------------------------------
Equity Income Y# 8/28/2003 11.72% 13.47%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ending April 30, 2005, The Hartford Equity Income Fund
Class A, before sales charge, returned 6.52%, slightly trailing the Russell 1000
Value Index return of 6.72%, but outperforming the Lipper Equity Income peer
group average return of 5.35%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's slight underperformance relative to the benchmark during this period
was primarily due to unfavorable stock selection and our allocation within
Financials, Materials, Energy, Health Care, and Consumer Discretionary. The
three largest detractors, on an absolute basis, were Alcoa (Materials), National
City (Financials) and Fannie Mae (Financials).
Alcoa continues to face cost pressures which are higher than their underlying
pricing, due to its aggressive acquisition program over the last several years.
We believe that there is a tremendous amount of leverage in their downstream
operations and owned the position at the end of the period. National City's
mortgage banking business has been volatile in the current rising rate
environment. However, their core regional banking business continues to perform
well and the Fund owned the stock at the end of the period. Fannie Mae was
eliminated after it became apparent that the Office of Federal Housing
Enterprise Oversight's ongoing investigation of accounting issues would produce
more protracted and deeper challenges than expected.
The Fund benefited from positive stock selection within Utilities, Industrials,
Information Technology and Consumer Staples. The top three contributors, on an
absolute basis, were Exxon Mobil (Energy), Altria (Consumer Staples), and
Caterpillar (Industrials). As of the end of the period, all three stocks were
held in the Fund.
WHAT IS THE OUTLOOK?
We expect continued economic expansion, but we are preparing for a deceleration
from recent growth rates. We anticipate 3%+ global and U.S. GDP growth over the
next couple of years. This period will not feel as good as the recovery we have
experienced over the past two years, and we expect the main engine of growth
during that time, the US consumer, will have trouble keeping pace. The American
consumer is facing many headwinds. Payroll employment growth is slowing.
Consumer confidence, while high, is waning. Prices for natural gas, oil,
electricity, and virtually the entire energy complex are rising. We expect
mortgage refinancing activity will subside and tax refunds to be down. Housing
prices remain the one bright spot, and consumer exposure to housing prices is
significant, with nearly two-thirds owning their residential unit.
On the corporate side, most of the news is positive. Balance sheets rarely have
been better. Cash levels are rising despite a pickup in capital spending. Debt
repayments continue, while dividend increases and stock repurchases persist.
Deferred infrastructure spending in the West and new infrastructure spending in
the developing world should bolster business expenditures for several
15
- --------------------------------------------------------------------------------
years. On the other hand, corporations face headwinds from high energy and other
commodity prices.
In this environment, we continue to find opportunities in several areas,
particularly those dependent on capital spending. Corporate balance sheets are
flush with liquidity, and the ratio of capital spending to cash flow is well
below average. We added exposure to cyclical companies that we expect will
benefit from continued economic expansion, but whose stocks sell at relatively
attractive valuations. At the end of the period, relative to the Russell 1000
Value Index, the Fund was overweight Materials, Financials, Utilities, Health
Care, and Consumer Staples.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 11.9%
- -------------------------------------------------------------------
Capital Goods 1.1
- -------------------------------------------------------------------
Consumer Cyclical 4.5
- -------------------------------------------------------------------
Consumer Staples 6.4
- -------------------------------------------------------------------
Energy 11.4
- -------------------------------------------------------------------
Finance 34.8
- -------------------------------------------------------------------
Health Care 7.4
- -------------------------------------------------------------------
Services 1.1
- -------------------------------------------------------------------
Technology 7.8
- -------------------------------------------------------------------
Transportation 2.1
- -------------------------------------------------------------------
Utilities 11.4
- -------------------------------------------------------------------
Other Assets & Liabilities 0.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
16
The Hartford Focus Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/24/01 - 4/30/05
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
8701.00 8983.00
8806.00 9106.00
9061.00 9282.00
8854.00 8975.00
8825.00 9011.00
8787.00 9108.00
10/04 8636.00 9248.00
8995.00 9621.00
9245.00 9948.00
9028.00 9706.00
9217.00 9909.00
8886.00 9734.00
4/05 8848.00 9549.00
</Table>
<Table>
--- FOCUS FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$8,848 ending value $9,549 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------
Focus A# 5/24/2001 1.68% -1.65%
- ---------------------------------------------------------
Focus A## 5/24/2001 -3.96% -3.05%
- ---------------------------------------------------------
Focus B# 5/24/2001 0.89% -2.37%
- ---------------------------------------------------------
Focus B## 5/24/2001 -4.11% -3.12%
- ---------------------------------------------------------
Focus C# 5/24/2001 1.11% -2.34%
- ---------------------------------------------------------
Focus C## 5/24/2001 0.11% -2.34%
- ---------------------------------------------------------
Focus Y# 5/24/2001 2.26% -1.19%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
RAND L. ALEXANDER, CFA
Senior Vice President, Partner, Portfolio Manager
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Focus Fund Class A, before sales charge, returned 2.46% for the
six-month period ended April 30, 2005, which was in line with Lipper Large Cap
Core peer group average return of 2.52%, and behind the 3.28% return of the S&P
500 Index, the Fund's benchmark.
WHY DID THE FUND PERFORM THIS WAY?
The Fund underperformed because positive sector allocation decisions were offset
by weak stock selection in certain areas. The Fund was overweight both Energy
and Health Care, which were two of the strongest performing sectors during the
period. Energy stocks continued to benefit from high prices and pharmaceutical
stocks rallied after Eli Lilly received a positive ruling protecting a drug
patent. The Fund was held back slightly, however, by having no exposure to
Utilities stocks. Utility stocks were the strongest area of the market during
the period.
In terms of the individual stocks that drove positive absolute results,
Occidental Petroleum and ConocoPhillips participated in the continued rally in
the energy sector. Also, Colgate-Palmolive (Household and Personal Products)
rose after announcing a major restructuring plan to reduce its workforce, close
plants, and increase research and development and marketing. The largest
detractors during the period were International Game Technology (Consumer
Services), Home Depot (Retailing), and American International Group (AIG)
(Insurance). We continued to own each name at the end of the period.
International Game Technology, a leading manufacturer of slot machines, declined
due to competitive pressures and slowing demand. Home Depot suffered from fears
that sustained high energy prices and rising interest rates would dampen
consumer spending. AIG was investigated for accounting and business practices,
which led to the resignation of their CEO, Hank Greenberg.
WHAT IS THE OUTLOOK?
On May 1, 2005, Steven T. Irons became portfolio manager of The Hartford Focus
Fund, replacing Rand L. Alexander who announced his retirement from Wellington
Management. Mr. Irons has 20 years of investment experience, including 12 years
with Wellington Management. He will continue to manage the portfolio in a
concentrated, large cap core approach. Consistent with how the fund has been
managed, he will draw from the universe of the 80 to 120 stocks in The Hartford
Stock Fund and select the 20 to 40 stocks where he has the highest conviction.
These stocks will exhibit some or all of the following characteristics:
leadership within an industry, a strong balance
17
- --------------------------------------------------------------------------------
sheet, solid management teams, high return on equity, accelerating earnings,
and/or attractive valuation with a catalyst.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Capital Goods 9.3%
- -------------------------------------------------------------------
Consumer Cyclical 8.4
- -------------------------------------------------------------------
Consumer Staples 7.0
- -------------------------------------------------------------------
Energy 9.9
- -------------------------------------------------------------------
Finance 23.0
- -------------------------------------------------------------------
Health Care 14.0
- -------------------------------------------------------------------
Services 9.0
- -------------------------------------------------------------------
Technology 22.6
- -------------------------------------------------------------------
Other Assets & Liabilities -3.2
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
18
The Hartford Global Communications Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 10/31/00 - 4/30/05
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
4960.00 5868.00 8187.00
4904.00 5717.00 8300.00
5083.00 5824.00 8461.00
4922.00 5792.00 8181.00
4667.00 5848.00 8213.00
4790.00 6000.00 8302.00
10/04 5178.00 6285.00 8429.00
5962.00 6751.00 8770.00
6193.00 7015.00 9068.00
5954.00 6718.00 8847.00
6183.00 6828.00 9032.00
5792.00 6657.00 8872.00
4/05 5612.00 6537.00 8704.00
</Table>
<Table>
--- GLOBAL COMMUNICATIONS FUND --- MSCI AC WORLD FREE TELECOMMUNICATIONS
$9,450 starting value SERVICES INDEX
$5,612 ending value $10,000 starting value
$6,537 ending value
-- S & P 500 INDEX
$10,000 starting value
$8,704 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------------
Global Comm A# 10/31/2000 13.13% -10.93%
- ---------------------------------------------------------------
Global Comm A## 10/31/2000 6.82% -12.04%
- ---------------------------------------------------------------
Global Comm B# 10/31/2000 12.18% -11.56%
- ---------------------------------------------------------------
Global Comm B## 10/31/2000 7.18% -11.95%
- ---------------------------------------------------------------
Global Comm C# 10/31/2000 12.39% -11.56%
- ---------------------------------------------------------------
Global Comm C## 10/31/2000 11.39% -11.56%
- ---------------------------------------------------------------
Global Comm Y# 10/31/2000 13.70% -10.50%
- ---------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT TEAM
ARCHANA BASI, CFA
Vice President, 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
8.38% for the six-month period ended April 30, 2005. The Fund strongly
outperformed the MSCI All Country World Free Telecommunication Services Index,
which returned 4.01%, and the Lipper Telecommunications Mutual Funds Average,
which returned 1.59% 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 Telecommunication Services Index was a result of security selection,
primarily among Diversified Telecommunications Services, a sub-sector accounting
for over two-thirds of the Fund. Stock selection was also additive within the
Wireless Telecommunications Service sub-sector.
Within the Diversified Telecommunication Services sub-sector, top contributors
to absolute returns were Telkom South Africa, Koninklijke KPN (also known as
Royal KPN, of the Netherlands) and Telekom Austria. In this sub-sector, we have
tended to favor emerging markets and European companies over U.S. companies,
given the difficult competition the U.S. companies face from cable and wireless
companies. In Europe, the telecom services sector has been the most active of
any sector over the last couple of years in returning cash to shareholders.
WHAT IS THE OUTLOOK?
We remain optimistic on the performance of emerging market and European
telecommunications companies relative to U.S. companies. 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. Emerging markets penetration of telecommunication
services is low, allowing for healthy growth for years to come. In fact,
emerging markets countries currently account for approximately 80% of new
wireless subscribers. In addition, we believe company valuations are attractive
and that certain management teams are very focused on returning value to
shareholders. European companies are generating lots of free cash flow and
managements have proven to be shareholder-oriented, willing to return cash in
the form of dividends and share buybacks.
19
- --------------------------------------------------------------------------------
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- ----------------------------------------------------------------------
Austria 3.1%
- ----------------------------------------------------------------------
Brazil 11.7
- ----------------------------------------------------------------------
Cayman Islands 7.1
- ----------------------------------------------------------------------
China 4.5
- ----------------------------------------------------------------------
France 7.3
- ----------------------------------------------------------------------
Germany 3.4
- ----------------------------------------------------------------------
Indonesia 3.3
- ----------------------------------------------------------------------
Ireland 3.0
- ----------------------------------------------------------------------
Italy 2.4
- ----------------------------------------------------------------------
Morocco 0.1
- ----------------------------------------------------------------------
Netherlands 2.8
- ----------------------------------------------------------------------
Norway 3.9
- ----------------------------------------------------------------------
Philippines 5.9
- ----------------------------------------------------------------------
South Africa 9.7
- ----------------------------------------------------------------------
South Korea 1.1
- ----------------------------------------------------------------------
Spain 2.0
- ----------------------------------------------------------------------
Taiwan 0.6
- ----------------------------------------------------------------------
Turkey 4.8
- ----------------------------------------------------------------------
United States 37.4
- ----------------------------------------------------------------------
Other Assets & Liabilities -14.1
- ----------------------------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------------------------
</Table>
20
The Hartford Global Financial Services Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 10/31/00 - 4/30/05
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
9802.00 10091.00 8187.00
9830.00 10180.00 8300.00
9925.00 10289.00 8461.00
9476.00 9974.00 8181.00
9715.00 10199.00 8213.00
9782.00 10293.00 8302.00
10/04 9992.00 10580.00 8429.00
10433.00 11154.00 8770.00
10950.00 11720.00 9068.00
10679.00 11407.00 8847.00
10766.00 11600.00 9032.00
10475.00 11288.00 8872.00
4/05 10398.00 11061.00 8704.00
</Table>
<Table>
--- GLOBAL FINANCIAL SERVICES FUND --- MSCI FINANCE EX REAL ESTATE INDEX
$9,450 starting value $10,000 starting value
$10,398 ending value $11,061 ending value
-- S&P 500 INDEX
$10,000 starting value
$8,704 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Global Fin Ser A# 10/31/2000 6.09% 2.15%
- ------------------------------------------------------------------
Global Fin Ser A## 10/31/2000 0.22% 0.88%
- ------------------------------------------------------------------
Global Fin Ser B# 10/31/2000 5.39% 1.43%
- ------------------------------------------------------------------
Global Fin Ser B## 10/31/2000 0.39% 1.01%
- ------------------------------------------------------------------
Global Fin Ser C# 10/31/2000 5.28% 1.43%
- ------------------------------------------------------------------
Global Fin Ser C## 10/31/2000 4.28% 1.43%
- ------------------------------------------------------------------
Global Fin Ser Y# 10/31/2000 6.58% 2.62%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT TEAM
MARK T. LYNCH, CFA
Senior Vice President, Partner,
Global Industry Analyst
THEODORE SHASTA, CFA
Senior Vice President, Partner,
Global Industry Analyst
JENNIFER L. NETTESHEIM, CFA
Vice President, Global Industry Analyst
R. ANDREW HEISKELL
Vice President, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Financial Services Fund Class A, before sales charge,
returned 4.06% for the six-month period ended April 30, 2005. The Fund
underperformed its benchmark, the MSCI Finance ex-Real Estate Index, which
returned 4.54%, and outperformed the Lipper Financial Services Mutual Funds
Average, which returned 0.88% over the same period.
WHY DID THE FUND PERFORM THIS WAY?
The Finance sector underperformed the broader market over the period, impeded by
negative returns among Thrifts & Mortgage Finance companies. The Fund's
allocation to that weak-performing industry was a source of relative
underperformance versus the MSCI Finance ex-Real Estate Index, though this was
more than offset by our strong security selection in the industry. Our sale of
benchmark holding, Fannie Mae, early in the period was beneficial to
performance. We eliminated Fannie Mae from the Fund given recent accounting
issues.
Our security selection among Insurance was a primary detractor from relative
returns. Our positions in American International Group (AIG), Ambac Financial
and MBIA had a negative impact on performance. AIG was investigated for
accounting and business practices, which led to the resignation of their CEO,
Hank Greenberg. We continued to own each name at the end of the period.
On an absolute basis, the Fund's positive returns were driven primarily by
holdings of Commercial Banks, with Capital Markets companies also contributing
significantly. The top contributors to the Fund's absolute returns during the
six-month period were UBS (Diversified Financials), Italian bank Capitalia and
insurance company Ace.
WHAT IS THE OUTLOOK?
For U.S. banks, regulatory formulas have driven loan loss reserves to their
lowest levels since 1986. Positive surprises among bank earnings are
increasingly unlikely going forward. The early stages
21
- --------------------------------------------------------------------------------
of rising interest rates should have been accompanied by a cyclical peak in
margins. Theoretically, loan rates should have gone up markedly faster than
deposit rates. However, they have only gone up marginally faster, contributing
to margin pressure.
We have become increasingly enthusiastic about the prospects for the British and
Irish bank stocks. We believe their valuations are low compared to their
fundamental prospects, while the prices of the continental banks reflect the
opposite assumption.
Our view of the Insurance sector remains favorable. While premiums in the
property business have stabilized, investment assets continue to grow rapidly
and the stocks remain very reasonably priced despite their recent strength.
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Australia 4.8%
- -------------------------------------------------------------------
Canada 2.9
- -------------------------------------------------------------------
Germany 1.9
- -------------------------------------------------------------------
Italy 4.4
- -------------------------------------------------------------------
Japan 4.7
- -------------------------------------------------------------------
Singapore 0.8
- -------------------------------------------------------------------
Spain 4.4
- -------------------------------------------------------------------
Sweden 1.7
- -------------------------------------------------------------------
Switzerland 4.9
- -------------------------------------------------------------------
United Kingdom 8.0
- -------------------------------------------------------------------
United States 79.0
- -------------------------------------------------------------------
Other Assets & Liabilities -17.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
22
The Hartford Global Health Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/1/00 - 04/30/05
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 10391.00
11323.00 10036.00 11522.00
11503.00 9879.00 11132.00
12118.00 10493.00 11534.00
12923.00 9939.00 12043.00
10/00 13112.00 9897.00 12333.00
13463.00 9117.00 12507.00
13965.00 9162.00 12959.00
13168.00 9487.00 11763.00
13128.00 8623.00 11708.00
12321.00 8077.00 10664.00
12980.00 8704.00 11130.00
13590.00 8762.00 11375.00
13678.00 8549.00 11088.00
13599.00 8465.00 11392.00
13392.00 7936.00 11100.00
12958.00 7296.00 11014.00
10/01 13264.00 7435.00 11029.00
13987.00 8006.00 11619.00
14168.00 8076.00 11399.00
13765.00 7958.00 11094.00
13816.00 7804.00 11038.00
14188.00 8098.00 11176.00
13705.00 7607.00 10478.00
13283.00 7551.00 10274.00
12077.00 7014.00 9297.00
11756.00 6467.00 9093.00
11524.00 6509.00 9158.00
10831.00 5803.00 8669.00
10/02 11485.00 6313.00 9072.00
12273.00 6684.00 9325.00
11674.00 6292.00 9002.00
11499.00 6127.00 9007.00
11117.00 6035.00 8852.00
11230.00 6094.00 9121.00
12211.00 6595.00 9541.00
13409.00 6942.00 9986.00
13718.00 7031.00 10414.00
13770.00 7155.00 10455.00
13637.00 7295.00 10226.00
13946.00 7217.00 10241.00
10/03 14246.00 7625.00 10342.00
14594.00 7692.00 10529.00
15309.00 8095.00 11091.00
15880.00 8244.00 11417.00
15983.00 8359.00 11573.00
15807.00 8233.00 11239.00
15953.00 8103.00 11639.00
15870.00 8214.00 11624.00
16067.00 8374.00 11622.00
15205.00 8096.00 10895.00
15361.00 8129.00 11029.00
15526.00 8217.00 11000.00
10/04 15558.00 8342.00 10743.00
16065.00 8679.00 11018.00
17123.00 8975.00 11786.00
16490.00 8756.00 11428.00
16327.00 8939.00 11732.00
15912.00 8781.00 11742.00
4/05 16381.00 8614.00 12207.00
</Table>
<Table>
--- GLOBAL HEALTH FUND -- GOLDMAN SACHS HEALTH CARE INDEX
$9,450 starting value $10,000 starting value
$16,381 ending value $12,207 ending value
--- S & P 500 INDEX
$10,000 starting value
$8,614 ending value
</Table>
S & P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- -----------------------------------------------------------------
Global Health A# 5/1/2000 2.69% 11.63%
- -----------------------------------------------------------------
Global Health A## 5/1/2000 -2.99% 10.37%
- -----------------------------------------------------------------
Global Health B# 5/1/2000 1.95% 10.82%
- -----------------------------------------------------------------
Global Health B## 5/1/2000 -2.89% 10.55%
- -----------------------------------------------------------------
Global Health C# 5/1/2000 1.88% 10.80%
- -----------------------------------------------------------------
Global Health C## 5/1/2000 0.92% 10.80%
- -----------------------------------------------------------------
Global Health Y# 5/1/2000 3.21% 12.26%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Class B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT TEAM
JOSEPH H. SCHWARTZ, CFA
Senior Vice President, Partner,
Global Industry Analyst
JEAN M. HYNES, CFA
Senior Vice President, Partner,
Global Industry Analyst
ANN C. GALLO
Senior Vice President, Partner,
Global Industry Analyst
KIRK J. MAYER, CFA
Vice President, Global Industry Analyst
ROBERT L. DERESIEWICZ
Vice President, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Health Fund Class A, before sales charge, returned 5.29% for
the six-month period ended April 30, 2005. The Fund underperformed the Goldman
Sachs Health Index, which returned 13.63%, and the Lipper Health and
Biotechnology Mutual Fund Average, which returned 5.98% over the period.
WHY DID THE FUND PERFORM THIS WAY?
The Health Care sector outperformed the broader market over the period. An
overweight position Elan was the primary driver of the Fund's underperformance.
Elan (-78%) plunged on news that it would pull its promising new multiple
sclerosis drug, Tysabri, from the market. This position cost the Fund over 3% in
absolute performance and nearly 4% in relative performance for the period. The
Elan situation highlighted to the market the risks of drug research, impacting
several Pharmaceuticals & Biotechnology holdings such as AtheroGenics and
Millennium Pharmaceuticals, the next largest detractors from returns.
The Health Care Providers & Services sub-sector continued its strong trend and
was the largest contributor to the Fund's positive absolute returns. Our
underweight allocation to the strong-performing sub-sector detracted from
relative performance for the period. Among hospitals, we saw some stabilization
in fundamentals. This stabilization, combined with attractive valuations,
contributed to strong performance in the group this year, after having
underperformed the market in 2004 and in three of the past four years. In
addition, the ability of managed care companies to maintain firm pricing in the
face of declining costs has led to good margins and cash flows.
23
- --------------------------------------------------------------------------------
The top three contributors to absolute Fund returns were Pacificare Health
Systems, drug distributor McKesson and pharmaceutical company Schering-Plough.
WHAT IS THE OUTLOOK?
Across all sub-sectors in the Fund, we will continue to seek to accurately
assess a company's position within its own lifecycle and to formulate profitable
non-consensus investment ideas.
Many pharmaceutical companies are seeing increasing numbers of compounds
entering the clinical trials and, importantly, noting lower attrition rates for
those compounds that do enter the clinical trials. As companies look to devote
more R&D dollars to funding drug pipelines, it will give the market increased
confidence about the future revenues of the industry.
The Japanese pharmaceutical industry is particularly attractive, given emerging
pipelines. The industry is also likely to see continued consolidation going
forward. As companies increase their global reach, drugs that come through their
pipelines will have greater ability to capture profits worldwide.
For hospitals, over the next several years, sustained relief from weak
admissions, pricing pressure, bad debt expense, supply costs, Medicare
reimbursement cuts, and overall competition is unlikely.
Among medical devices companies, 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.
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Belgium 0.7%
- -------------------------------------------------------------------
France 2.3
- -------------------------------------------------------------------
Germany 1.9
- -------------------------------------------------------------------
Ireland 0.5
- -------------------------------------------------------------------
Japan 9.5
- -------------------------------------------------------------------
Switzerland 2.6
- -------------------------------------------------------------------
United Kingdom 4.0
- -------------------------------------------------------------------
United States 78.4
- -------------------------------------------------------------------
Other Assets & Liabilities 0.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
24
The Hartford Global Leaders Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(2) 9/30/98 - 4/30/05
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
15727.00 11967.00
15936.00 12075.00
16475.00 12337.00
15180.00 11937.00
15090.00 11995.00
15857.00 12225.00
10/04 16424.00 12527.00
17331.00 13191.00
17690.00 13699.00
17023.00 13393.00
16624.00 13823.00
16026.00 13562.00
4/05 15816.00 13274.00
</Table>
<Table>
--- GLOBAL LEADERS FUND --- MSCI WORLD INDEX
$9,450 starting value $10,000 starting value
$15,816 ending value $13,274 ending value
</Table>
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEARS INCEPTION
- -----------------------------------------------------------------
Global Leaders A# 9/30/1998 0.57% -3.05% 8.15%
- -----------------------------------------------------------------
Global Leaders A## 9/30/1998 -4.97% -4.14% 7.22%
- -----------------------------------------------------------------
Global Leaders B# 9/30/1998 -0.26% -3.78% 7.35%
- -----------------------------------------------------------------
Global Leaders B## 9/30/1998 -5.25% -4.16% 7.35%
- -----------------------------------------------------------------
Global Leaders C# 9/30/1998 -0.13% -3.69% 7.42%
- -----------------------------------------------------------------
Global Leaders C## 9/30/1998 -1.13% -3.69% 7.42%
- -----------------------------------------------------------------
Global Leaders Y# 9/30/1998 1.17% -2.51% 8.73%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT
ANDREW S. OFFIT
Senior Vice President, Partner, Portfolio Manager
JEAN-MARC BERTEAUX
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Leaders Fund Class A, before sales charge, returned -3.70%
for the six-month period ended April 30, 2005. The Fund underperformed the MSCI
World Index benchmark return of 5.97% and the Lipper Global Large Cap Growth
Funds Average return of 3.41%.
WHY DID THE FUND PERFORM THIS WAY?
Our emphasis in the Fund is on sector and stock weights; country allocations are
a residual of this process. We had several disappointments in the quarter,
including one major one. One of our largest holdings, Elan Pharmaceuticals,
declined 75% on February 28, costing the Fund over 3.2% in returns. The stock
declined because Elan's major drug, Tysabri, an FDA-approved drug for multiple
sclerosis, was withdrawn from the market due to a patient death in a follow-up
clinical trial. Elan was our greatest contributor to performance in 2004 and we
felt strongly that there was over 50% more upside in 2005. The patient death and
withdrawal of the drug were both tragic and totally unexpected. True to our
process, as soon as Tysabri was withdrawn we sold the position in Elan. As a
result, we no longer held the stock in March when it declined another 50% after
another patient death occurred.
Though Elan accounted for much of our underperformance, several other stocks
hurt returns during the period. Research in Motion (RIM), the maker of the
popular Blackberry devices, came under pressure due to an outstanding patent
litigation case with intellectual property firm NTP. After much work, we
concluded that this ruling would come sooner and have a more negative effect on
RIM's stock price than expected. Subsequently, we trimmed our holdings.
Fortunately, we did so in early December when the stock was trading around $90.
On December 12, the U.S. appeals court ruled against RIM and its stock price
fell accordingly. We continue to hold the stock. Alcatel was another negative
surprise. Management reported fourth quarter margins well below expectations
after our very positive meeting with the CEO in November. As a result, we sold
completely the stake in Alcatel.
Several of our largest holdings performed well during the period, including
Apple Computer, which is seeing strong iPod and online music sales; and Esprit,
which delivered strong quarterly earnings driven by robust margins and strong
sales in Asia.
Our sector allocations detracted modestly from performance, as Energy was one of
the best performing sectors in the benchmark. As a growth fund, Energy is
traditionally not an area of focus for us. In contrast, Consumer Discretionary
and Technology, which
25
- --------------------------------------------------------------------------------
are typical growth sectors and ones in which we are overweight, underperformed.
WHAT IS THE OUTLOOK?
As usual, the Fund is positioned for growth. Our overweights in the Consumer
Discretionary and Information Technology sectors, some of the strongest areas of
growth, are a result of our bottom-up research and stock analysis. An example is
AU Optronics, a Taiwanese based company that manufactures TFT-LCD panels for
notebook computer monitors and flat screen television sets. We anticipate huge
demand for the LCD televisions as prices fall. Our focus will remain on intense
bottom-up research, stock and sector selection.
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Canada 4.7%
- -------------------------------------------------------------------
Finland 2.3
- -------------------------------------------------------------------
France 4.5
- -------------------------------------------------------------------
Germany 2.5
- -------------------------------------------------------------------
Hong Kong 2.4
- -------------------------------------------------------------------
Ireland 0.3
- -------------------------------------------------------------------
Italy 0.6
- -------------------------------------------------------------------
Japan 4.6
- -------------------------------------------------------------------
Luxembourg 0.8
- -------------------------------------------------------------------
Mexico 1.3
- -------------------------------------------------------------------
Netherlands 3.9
- -------------------------------------------------------------------
South Korea 2.1
- -------------------------------------------------------------------
Spain 0.9
- -------------------------------------------------------------------
Sweden 1.3
- -------------------------------------------------------------------
Switzerland 5.8
- -------------------------------------------------------------------
Taiwan 5.1
- -------------------------------------------------------------------
United Kingdom 13.4
- -------------------------------------------------------------------
United States 57.0
- -------------------------------------------------------------------
Other Assets & Liabilities -13.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 2.5%
- -------------------------------------------------------------------
Consumer Cyclical 7.1
- -------------------------------------------------------------------
Consumer Staples 9.6
- -------------------------------------------------------------------
Energy 5.1
- -------------------------------------------------------------------
Finance 31.2
- -------------------------------------------------------------------
Health Care 18.4
- -------------------------------------------------------------------
Services 13.7
- -------------------------------------------------------------------
Technology 24.5
- -------------------------------------------------------------------
Transportation 1.4
- -------------------------------------------------------------------
Other Assets & Liabilities -13.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
26
The Hartford Global Technology Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/1/00 - 4/30/05
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 8880.00 9795.00
9812.00 9972.00 10036.00
9180.00 9508.00 9879.00
10425.00 10744.00 10493.00
8929.00 9004.00 9939.00
10/00 8102.00 8324.00 9897.00
6146.00 6418.00 9117.00
5930.00 5868.00 9162.00
6868.00 6831.00 9487.00
5367.00 4937.00 8623.00
4626.00 4251.00 8077.00
5479.00 5063.00 8704.00
5217.00 4862.00 8762.00
5301.00 4874.00 8549.00
4954.00 4527.00 8465.00
4194.00 3938.00 7936.00
3265.00 3141.00 7296.00
10/01 3762.00 3646.00 7435.00
4429.00 4267.00 8006.00
4588.00 4192.00 8076.00
4541.00 4187.00 7958.00
3978.00 3628.00 7804.00
4279.00 3886.00 8098.00
3763.00 3410.00 7607.00
3547.00 3271.00 7551.00
3181.00 2808.00 7014.00
2862.00 2524.00 6467.00
2824.00 2492.00 6509.00
2308.00 2047.00 5803.00
10/02 2796.00 2494.00 6313.00
3284.00 2930.00 6684.00
2824.00 2504.00 6292.00
2871.00 2481.00 6127.00
2862.00 2519.00 6035.00
2852.00 2491.00 6094.00
3162.00 2751.00 6595.00
3509.00 3058.00 6942.00
3547.00 3050.00 7031.00
3744.00 3225.00 7155.00
3988.00 3448.00 7295.00
3941.00 3398.00 7217.00
10/03 4391.00 3730.00 7625.00
4476.00 3802.00 7692.00
4523.00 3860.00 8095.00
4701.00 4042.00 8244.00
4645.00 3927.00 8359.00
4513.00 3819.00 8233.00
4204.00 3596.00 8103.00
4485.00 3796.00 8214.00
4579.00 3889.00 8374.00
4063.00 3521.00 8096.00
3791.00 3345.00 8129.00
3960.00 3461.00 8217.00
10/04 4147.00 3645.00 8342.00
4401.00 3850.00 8679.00
4532.00 3973.00 8975.00
4269.00 3710.00 8756.00
4269.00 3718.00 8939.00
4081.00 3628.00 8781.00
4/05 4016.00 3442.00 8614.00
</Table>
<Table>
--- GLOBAL TECHNOLOGY FUND --- GOLDMAN SACHS TECHNOLOGY COMPOSITE INDEX
$9,450 starting value $10,000 starting value
$4,016 ending value $3,442 ending value
-- S & P 500 INDEX
$10,000 starting value
$8,614 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ----------------------------------------------------------------
Global Tech A# 5/1/2000 -4.46% -15.73%
- ----------------------------------------------------------------
Global Tech A## 5/1/2000 -9.70% -16.68%
- ----------------------------------------------------------------
Global Tech B# 5/1/2000 -5.29% -16.37%
- ----------------------------------------------------------------
Global Tech B## 5/1/2000 -10.02% -16.70%
- ----------------------------------------------------------------
Global Tech C# 5/1/2000 -5.29% -16.37%
- ----------------------------------------------------------------
Global Tech C## 5/1/2000 -6.23% -16.37%
- ----------------------------------------------------------------
Global Tech Y# 5/1/2000 -4.17% -15.38%
- ----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT TEAM
SCOTT E. SIMPSON
Senior Vice President, Partner,
Global Industry Analyst
JOHN F. AVERILL, CFA
Senior Vice President, Partner, Global Industry Analyst
ERIC STROMQUIST
Senior Vice President, Partner, Global Industry Analyst
BRUCE L. GLAZER
Senior Vice President, Partner, Global Industry Analyst
ANITA M. KILLIAN, CFA
Vice President, Global Industry Analyst
VIKRAM MURTHY
Vice President, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Technology Fund Class A, before sales charge, returned
- -3.17% for the six-month period ended April 30, 2005. The Fund outperformed the
Goldman Sachs Technology Index, which returned -5.56%, and the Lipper Science
and Technology Mutual Fund Average, which returned -4.60% over the period.
WHY DID THE FUND PERFORM THIS WAY?
Though the sector posted good returns for the first two months of the period,
disappointing earnings forecasts from a number of companies combined with
increasing oil prices, rising inflation and a slowing global economy evident in
early 2005 drove Technology down for the six-months ended April 30, 2005.
Security selection in Communications Equipment was a primary driver of Fund
outperformance relative to the Goldman Sachs Technology Composite Index. Sales
of cellular phones continue to benefit from robust growth in emerging markets
and a very healthy upgrade market as consumers continue to be enamored with the
newest offerings. Nokia is a significant beneficiary of this trend and was a top
contributor to absolute and benchmark-relative returns during the period.
Overall, our allocation decisions contributed positively to relative
performance. Our underweight to Internet Retail, overweight to Internet Software
& Service and underweight to Computers & Peripherals were additive.
Our allocation to and stock selection among Semiconductors & Semiconductor
Equipment detracted from relative performance.
27
- --------------------------------------------------------------------------------
The sub-sector was also the largest detractor from absolute Fund returns during
the period. Semiconductor shares were lackluster, reflecting the fact that 2005
will likely be a slow growth year for semiconductors.
The top three contributors to absolute Fund performance were Corning
(Communications Equipment), Dell (Computers & Peripherals) and CheckFree (IT
Services). We no longer held Dell and CheckFree as of the end of the period. The
bottom three contributors to absolute Fund performance were Cisco Systems
(Communications Equipment), Analog Devices (Semiconductors & Semiconductor
Equipment) and Flextronics International (Electronic Equipment & Instruments).
WHAT IS THE OUTLOOK?
We continue to see strong prospects for the sector, with value opportunities in
the traditional technology sectors (i.e. hardware and semiconductors) and
tremendous growth opportunities in the less mature sectors. Although still not
cheap after the recent corrections, Internet stocks continue to offer
considerable growth within the sector. We are also very enthusiastic about the
video game cycle.
We expect it to be a slow growth year for semiconductors at least through the
next quarter, as inventories are never restocked immediately after being
disgorged. Consumer software is favorable with newer products entering the
market. Select companies will continue to benefit from strength in wireless as
well.
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Bermuda 1.1%
- -------------------------------------------------------------------
Finland 5.0
- -------------------------------------------------------------------
Japan 1.0
- -------------------------------------------------------------------
Netherlands 0.9
- -------------------------------------------------------------------
Singapore 1.6
- -------------------------------------------------------------------
Taiwan 3.3
- -------------------------------------------------------------------
United States 87.0
- -------------------------------------------------------------------
Other Assets & Liabilities 0.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
28
The Hartford Growth Allocation Fund
(advised by Hartford Investment Financial Services, LLC)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 5/28/04 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S.
GROWTH ALLOCATION FUND S&P 500 INDEX AGGREGATE BOND INDEX
---------------------- ------------- --------------------
5/28/04 9450.00 10000.00 10000.00
6/04 9611.00 10194.00 10057.00
7/04 9337.00 9857.00 10157.00
8/04 9346.00 9896.00 10351.00
9/04 9601.00 10003.00 10379.00
10/04 9790.00 10156.00 10466.00
11/04 10178.00 10566.00 10382.00
12/04 10494.00 10925.00 10477.00
1/05 10238.00 10659.00 10543.00
2/05 10409.00 10883.00 10481.00
3/05 10200.00 10690.00 10428.00
4/05 10020.00 10487.00 10569.00
</Table>
<Table>
--- GROWTH ALLOCATION FUND -- LEHMAN BROTHERS U.S. AGGREGATE --- S&P 500 INDEX
$9,450 starting value BOND INDEX $10,000 starting value
$10,020 ending value $10,000 starting value $10,487 ending value
$10,569 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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 Index and Commercial
Mortgage-Backed Securities Index.
The value of shares will fluctuate so that, when redeemed, shares may be worth
more or less than their original cost. The chart and table do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares.
Performance information may reflect historical or current expense
waivers/reimbursements from an affiliate of the investment adviser, without
which performance would have been lower. For information on current expense
waivers/reimbursements, please see the prospectus.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE INCEPTION
- -------------------------------------------------
Growth Allocation A# 5/28/2004 6.02%
- -------------------------------------------------
Growth Allocation A## 5/28/2004 0.21%
- -------------------------------------------------
Growth Allocation B# 5/28/2004 5.44%
- -------------------------------------------------
Growth Allocation B## 5/28/2004 0.44%
- -------------------------------------------------
Growth Allocation C# 5/28/2004 5.44%
- -------------------------------------------------
Growth Allocation C## 5/28/2004 4.44%
- -------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Senior Vice President
CHRISTOPHER HANLON, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Growth Allocation
Fund Class A had a total return, before sales charge, of 2.34%, versus the
return of 3.02% for the Lipper peer group and 3.28% for the S&P 500 Index and
0.98% for the Lehman Brothers U.S. Aggregate Bond Index.
WHY DID THE FUND PERFORM THIS WAY?
Within the S&P 500, health services was the top performer, followed by energy
minerals and utilities. The equity component of the Fund is structured around
five equity indices. For the six month period, the MSCI EAFE was the top
performer (up 8.95%), followed by the S&P Midcap 400 (up 5.68%), S&P 500/ Barra
Value (up 3.51%), S&P 500/Barra Growth (up 3.03%), and Russell 2000 (down
0.15%). The Fund continued to benefit from value within its large cap equity
allocations. The Fund also continued to benefit, relative to the benchmark, from
its allocations within the international and mid-cap sectors. These sectors are
not represented in the S&P 500. The Fund overall underperformed the benchmark as
several of the underlying funds underperformed their benchmarks. However, we
maintain conviction in our index level allocations.
Yields rose during the quarter, with the ten-year Treasury note yield rising 18
basis points to 4.20% and the five-year Treasury note yield rising 62 basis
points to 3.90%. The yield curve flattened, however, as the yield on the 30 year
Treasury declined by 38 basis points. Within the major sectors of the Lehman
Brothers U.S. Aggregate Index, mortgage-backed securities were the top
performer, while asset-backed securities were the worst. The fixed income
component of the Fund is structured around three fixed income indices. For the
quarter, the Lehman U.S. TIPS Index was the top performer (up 3.10%), followed
by the Lehman Brothers U.S. Aggregate Index (up 0.98%), and Lehman Brothers 1-3
Year Government Index (up 0.05%). The Fund benefited, relative to the Index,
from its allocation to the Treasury Inflation Protected Securities (TIPS). The
Fund's benchmark does not have an allocation to TIPS securities.
WHAT IS THE OUTLOOK?
The momentum in the economy appears to have weakened somewhat in the last month,
but consumer spending and business investments continue to fuel the economic
expansion. Headline inflation has increased as energy and commodity prices
remain high, but core measures remain at modest levels. We expect the Federal
Open Market Committee to continue on its path of
29
- --------------------------------------------------------------------------------
gradually raising interest rates. Looking forward, there are signs that rising
energy costs may slow mid year economic growth. The magnitude of the
inflationary pressures from commodity price increases is the key issue in the
months ahead.
The consumer sector is still contributing to economic growth as personal income
and personal spending increased at a strong pace. Consumer confidence measures
have slipped somewhat but remain elevated. We do not expect a significant
slowdown in the consumer segment if job growth continues and the housing market
remains firm. Record high gas prices, though, are the primary risk. The business
sector is healthy with 4th quarter corporate revenues and profits up 13% and 20%
year over respectively. Business investment has been strong, particularly in
capital goods. Industrial and manufacturing statistics remain relatively firm,
indicating that the current business environment is favorable. Business
confidence surveys have receded from high levels, but business leaders remain
optimistic.
The U.S. current account deficit is still a major long-term concern as it
reached a record $ 665.9 billion, or 5.7% of GDP. A reversal of the deficit
seems unlikely in the medium term given the recent strength of the U.S. dollar,
high energy prices, and low economic growth in Europe and Japan.
COMPOSITION BY UNDERLYING FUND
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
FUND NAME NET ASSETS
- -------------------------------------------------------------------
Hartford Capital Appreciation Fund, Class Y 10.9%
- -------------------------------------------------------------------
Hartford Disciplined Equity Fund, Class Y 8.9
- -------------------------------------------------------------------
Hartford Dividend and Growth Fund, Class Y 3.9
- -------------------------------------------------------------------
Hartford Global Leaders Fund, Class Y 5.0
- -------------------------------------------------------------------
Hartford Growth Fund, Class Y 4.9
- -------------------------------------------------------------------
Hartford Inflation Plus Fund, Class Y 6.9
- -------------------------------------------------------------------
Hartford International Capital Appreciation Fund,
Class Y 7.9
- -------------------------------------------------------------------
Hartford International Small Company Fund, Class Y 2.9
- -------------------------------------------------------------------
Hartford MidCap Value Fund, Class Y 2.9
- -------------------------------------------------------------------
Hartford Short Duration Fund, Class Y 3.0
- -------------------------------------------------------------------
Hartford Small Company Fund, Class Y 5.9
- -------------------------------------------------------------------
Hartford SmallCap Growth Fund, Class Y 6.9
- -------------------------------------------------------------------
Hartford Total Return Bond Fund, Class Y 6.9
- -------------------------------------------------------------------
Hartford U.S. Government Securities Fund, Class Y 2.9
- -------------------------------------------------------------------
Hartford Value Fund, Class Y 9.9
- -------------------------------------------------------------------
Hartford Value Opportunities Fund, Class Y 8.9
- -------------------------------------------------------------------
Other Assets & Liabilities 1.4
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
30
The Hartford Growth Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(1,3) 04/30/95 - 04/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GROWTH FUND RUSSELL 1000 GROWTH INDEX
----------- -------------------------
4/30/95 9450.00 10000.00
9741.00 10349.00
10442.00 10748.00
10983.00 11196.00
11051.00 11208.00
11064.00 11725.00
10/95 10808.00 11733.00
11163.00 12189.00
10707.00 12259.00
11015.00 12668.00
11250.00 12900.00
11381.00 12917.00
11673.00 13256.00
11991.00 13719.00
11923.00 13738.00
11198.00 12933.00
11422.00 13267.00
12320.00 14233.00
10/96 12445.00 14318.00
13118.00 15393.00
12695.00 15092.00
13266.00 16150.00
12960.00 16040.00
12277.00 15172.00
12736.00 16180.00
13942.00 17348.00
14483.00 18042.00
15801.00 19636.00
15372.00 18488.00
16089.00 19397.00
10/97 15595.00 18680.00
15489.00 19474.00
15716.00 19692.00
15905.00 20280.00
17042.00 21805.00
17985.00 22676.00
18047.00 22988.00
17754.00 22336.00
18787.00 23702.00
18466.00 23546.00
15612.00 20012.00
16700.00 21549.00
10/98 17533.00 23281.00
18553.00 25053.00
20374.00 27313.00
21346.00 28916.00
20553.00 27594.00
21610.00 29049.00
21931.00 29086.00
21478.00 28194.00
22459.00 30167.00
22091.00 29208.00
21525.00 29684.00
21138.00 29060.00
10/99 22592.00 31255.00
23713.00 32942.00
27438.00 36368.00
26539.00 34663.00
29342.00 36358.00
29162.00 38961.00
26647.00 37106.00
25833.00 35236.00
26803.00 37907.00
26384.00 36326.00
28563.00 39614.00
28180.00 35866.00
10/00 27054.00 34170.00
24534.00 29133.00
26080.00 28213.00
24889.00 30162.00
23726.00 25041.00
22180.00 22316.00
24790.00 25139.00
24860.00 24770.00
24095.00 24195.00
23357.00 23590.00
21400.00 21660.00
19514.00 19499.00
10/01 20181.00 20522.00
22059.00 22495.00
22272.00 22452.00
21605.00 22054.00
20995.00 21139.00
21634.00 21871.00
19903.00 20086.00
19491.00 19600.00
17718.00 17787.00
16541.00 16809.00
16754.00 16859.00
15420.00 15111.00
10/02 16881.00 16496.00
17846.00 17392.00
16754.00 16190.00
16385.00 15797.00
16101.00 15724.00
16640.00 16017.00
18044.00 17200.00
18924.00 18059.00
19364.00 18308.00
19676.00 18764.00
20087.00 19231.00
20030.00 19025.00
10/03 21548.00 20094.00
21832.00 20305.00
22215.00 21008.00
22939.00 21436.00
23194.00 21573.00
23095.00 21172.00
22797.00 20926.00
23747.00 21316.00
24244.00 21582.00
22400.00 20363.00
21860.00 20263.00
22797.00 20455.00
10/04 22967.00 20775.00
23790.00 21489.00
24825.00 22332.00
23761.00 21588.00
23478.00 21817.00
22924.00 21420.00
4/05 22783.00 21013.00
</Table>
<Table>
--- GROWTH FUND --- RUSSELL 1000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$22,783 ending value $21,013 ending value
</Table>
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.
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.
PORTFOLIO MANAGEMENT
ANDREW J. SHILLING, CFA
Senior Vice President, Partner, Portfolio Manager
JOHN A. BOSELLI, CFA
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR 10 YEAR INCEPTION
- -------------------------------------------------------------------
Growth A# 6/8/1949 -0.06% -3.09% 9.20% 11.03%
- -------------------------------------------------------------------
Growth A## 6/8/1949 -5.58% -4.17% 8.58% 10.92%
- -------------------------------------------------------------------
Growth B# 11/14/1994 -0.76% -3.77% NA* NA*
- -------------------------------------------------------------------
Growth B## 11/14/1994 -5.72% -4.09% NA* NA*
- -------------------------------------------------------------------
Growth C# 11/14/1994 -0.69% -3.75% NA 8.28%
- -------------------------------------------------------------------
Growth C## 11/14/1994 -1.69% -3.75% NA 8.28%
- -------------------------------------------------------------------
Growth H# 11/14/1994 -0.48% -3.65% NA* NA*
- -------------------------------------------------------------------
Growth H## 11/14/1994 -4.46% -3.97% NA* NA*
- -------------------------------------------------------------------
Growth L# 6/8/1949 0.25% -2.92% 9.29% 11.07%
- -------------------------------------------------------------------
Growth L## 6/8/1949 -4.54% -3.86% 8.76% 10.97%
- -------------------------------------------------------------------
Growth M# 11/14/1994 -0.48% -3.65% NA* NA*
- -------------------------------------------------------------------
Growth M## 11/14/1994 -4.46% -3.97% NA* NA*
- -------------------------------------------------------------------
Growth N# 11/14/1994 -0.48% -3.65% NA 8.34%
- -------------------------------------------------------------------
Growth N## 11/14/1994 -1.48% -3.65% NA 8.34%
- -------------------------------------------------------------------
Growth Y# 2/19/2002 0.55% NA NA 2.85%
- -------------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes L, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, H, L, M, N
and Y shares will vary from the results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Growth Fund Class A, before sales charge, returned -0.80% for the
six-month period ending April 30, 2005, lagging the 1.14% return of the Russell
1000 Growth Index, the Fund's benchmark, and the 0.93% return of the Lipper
Large Cap Growth Funds Average.
WHY DID THE FUND PERFORM THIS WAY?
Stock selection detracted only 17 basis points for the period, with strong
selections Financials and Industrials offset by poor selection in Health Care
and Consumer Discretionary. Financials were helped by mortgage originator
Countrywide Financial, which rose on strong earnings driven by a mix shift into
more profitable adjustable rate mortgages as well as a favorable interest rate
environment. The Fund also benefited by avoiding positions in Fannie Mae and
American International Group, which fell during the period. Industrials strength
was powered by an overweight in General Electric, which rose during the period.
Search firm Google, videogame maker Electronic Arts, and pharmaceutical company
AstraZeneca rounded out the list of top contributors.
The Health Care and Consumer Discretionary sectors had the weakest stock
selection results. Poor selection in Health Care was the result of a position in
biotechnology firm Elan, which withdrew its much-heralded Tysabri treatment for
multiple sclerosis after two patients died from its use in combination with
Biogen Idec's drug Avonex. We eliminated our position in Elan during the period.
Within the Consumer Discretionary sector, results were hurt by holdings in eBay,
Petsmart, and XM Satellite Radio. eBay fell on concerns of slowing growth in the
U.S. and forecasts of lower margins. Nevertheless, we remain confident in the
outlook for this stock and view the company's planned expenditures in China and
on PayPal as important investments in future growth drivers. Petsmart moved
lower in part due to confusing fourth quarter earnings and reduced guidance for
2005. We retain the position as expected earnings growth remains attractive. XM
Satellite fell on investor concerns about turnover
31
- --------------------------------------------------------------------------------
among subscribers, despite announcing first quarter results that were generally
above expectations. We maintain our position in the stock due to the potential
for continued growth in the satellite radio space and XM Satellite's lead in
subscribers over rival Sirius. Other stocks that hampered results during the
period included printer manufacturer Lexmark and wireless email device company
Research In Motion.
Overall sector allocation decisions detracted from Fund performance during the
period. Our decisions to underweight the strong Consumer Staples and Health Care
sectors were the main sources of negative allocation.
WHAT IS YOUR OUTLOOK?
We expect economic expansion during the remainder of 2005, but we are preparing
for a deceleration from recent growth rates. This period will not feel as good
as the recovery we have experienced over the past two years, and we expect the
main engine of growth during that time, the U.S. consumer, may have trouble
keeping pace. We expect the commercial and industrial side of the economy to
pick up the slack.
Our investment approach is very much a "bottom-up" process; we pick stocks one
at a time based upon the attractiveness of each company's valuation and
fundamentals. At the end of the period we held overweight positions in the
pro-cyclical sectors of Industrials, Technology, and Consumer Discretionary in
recognition of our expectation for continued economic expansion. We are
currently underweight the Consumer Staples, Health Care, and Materials sectors.
Within all sectors we continue to emphasize "sustainable growth" companies that
are competitively-advantaged and gaining market share.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Capital Goods 3.3%
- -------------------------------------------------------------------
Consumer Cyclical 9.9
- -------------------------------------------------------------------
Consumer Staples 1.5
- -------------------------------------------------------------------
Energy 4.2
- -------------------------------------------------------------------
Finance 23.8
- -------------------------------------------------------------------
Health Care 19.7
- -------------------------------------------------------------------
Services 13.8
- -------------------------------------------------------------------
Technology 32.7
- -------------------------------------------------------------------
Other Assets & Liabilities -8.9
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
32
The Hartford Growth Opportunities Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
SHORT-
AND
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(1,3) 04/30/95 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GROWTH OPPORTUNITIES FUND RUSSELL 3000 GROWTH INDEX
------------------------- -------------------------
4/30/95 9450.00 10000.00
9893.00 10328.00
10817.00 10757.00
11513.00 11243.00
11655.00 11269.00
12030.00 11758.00
10/95 11620.00 11705.00
11798.00 12166.00
11438.00 12256.00
11653.00 12614.00
12167.00 12879.00
12084.00 12919.00
12688.00 13324.00
13039.00 13813.00
12820.00 13733.00
11665.00 12838.00
12133.00 13229.00
13243.00 14163.00
10/96 13288.00 14179.00
13918.00 15179.00
13403.00 14937.00
14076.00 15919.00
13291.00 15731.00
12366.00 14856.00
12486.00 15742.00
13873.00 16977.00
14447.00 17648.00
15909.00 19146.00
15409.00 18183.00
16227.00 19136.00
10/97 15512.00 18382.00
15384.00 19036.00
15244.00 19231.00
15013.00 19725.00
16350.00 21232.00
17183.00 22083.00
17289.00 22372.00
16873.00 21645.00
17775.00 22873.00
16882.00 22566.00
13778.00 19030.00
14856.00 20528.00
10/98 15554.00 22133.00
16142.00 23819.00
18137.00 25968.00
18700.00 27466.00
17254.00 26118.00
18162.00 27463.00
18174.00 27663.00
17692.00 26880.00
18982.00 28727.00
18944.00 27816.00
19276.00 28161.00
19364.00 27646.00
10/99 20761.00 29637.00
23172.00 31338.00
27870.00 34750.00
27499.00 33214.00
35581.00 35290.00
32267.00 37288.00
29516.00 35371.00
27708.00 33500.00
31919.00 36157.00
30914.00 34537.00
35118.00 37697.00
35149.00 34244.00
10/00 32097.00 32542.00
25928.00 27670.00
28838.00 26959.00
28328.00 28844.00
24678.00 24012.00
21938.00 21431.00
24008.00 24136.00
23798.00 23848.00
23748.00 23388.00
23188.00 22705.00
21618.00 20877.00
18279.00 18706.00
10/01 19209.00 19739.00
21138.00 21618.00
21886.00 21668.00
21653.00 21258.00
20350.00 20342.00
21421.00 21115.00
20360.00 19478.00
20097.00 18958.00
17844.00 17214.00
16096.00 16150.00
15712.00 16196.00
14459.00 14547.00
10/02 15470.00 15843.00
16874.00 16748.00
15662.00 15590.00
15449.00 15208.00
15237.00 15117.00
15662.00 15395.00
17086.00 16553.00
18410.00 17445.00
18945.00 17691.00
19127.00 18194.00
19986.00 18683.00
19724.00 18463.00
10/03 21472.00 19541.00
22189.00 19777.00
22492.00 20416.00
23179.00 20881.00
23513.00 21000.00
23684.00 20647.00
22977.00 20346.00
23856.00 20726.00
24553.00 21018.00
22472.00 19772.00
22169.00 19648.00
23361.00 19905.00
10/04 23735.00 20229.00
24856.00 21010.00
26120.00 21827.00
25200.00 21077.00
24978.00 21306.00
24513.00 20882.00
4/05 23876.00 20406.00
</Table>
<Table>
--- GROWTH OPPORTUNITIES FUND --- RUSSELL 3000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$23,876 ending value $20,406 ending value
</Table>
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.
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.
PORTFOLIO MANAGER
MICHAEL T. CARMEN, CFA
Senior Vice President, Partner, Portfolio Manager
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- ---------------------------------------------------------------------
Growth Opp A# 3/31/1963 3.91% -4.15% 9.71% 12.62%
- ---------------------------------------------------------------------
Growth Opp A## 3/31/1963 -1.79% -5.23% 9.09% 12.47%
- ---------------------------------------------------------------------
Growth Opp B# 11/14/1994 3.22% -4.80% NA* NA*
- ---------------------------------------------------------------------
Growth Opp B## 11/14/1994 -1.78% -5.09% NA* NA*
- ---------------------------------------------------------------------
Growth Opp C# 11/14/1994 3.22% -4.81% NA 8.85%
- ---------------------------------------------------------------------
Growth Opp C## 11/14/1994 2.22% -4.81% NA 8.85%
- ---------------------------------------------------------------------
Growth Opp H# 11/14/1994 3.50% -4.67% NA* NA*
- ---------------------------------------------------------------------
Growth Opp H## 11/14/1994 -0.50% -4.95% NA* NA*
- ---------------------------------------------------------------------
Growth Opp L# 3/31/1963 4.32% -3.95% 9.83% 12.65%
- ---------------------------------------------------------------------
Growth Opp L## 3/31/1963 -0.62% -4.88% 9.29% 12.52%
- ---------------------------------------------------------------------
Growth Opp M# 11/14/1994 3.51% -4.66% NA* NA*
- ---------------------------------------------------------------------
Growth Opp M## 11/14/1994 -0.49% -4.95% NA* NA*
- ---------------------------------------------------------------------
Growth Opp N# 11/14/1994 3.51% -4.67% NA 8.93%
- ---------------------------------------------------------------------
Growth Opp N## 11/14/1994 2.51% -4.67% NA 8.93%
- ---------------------------------------------------------------------
Growth Opp Y# 2/19/2002 4.52% NA NA 5.37%
- ---------------------------------------------------------------------
Growth Opp Z# 3/1/1996 4.54% -3.68% NA 8.28%
- ---------------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes L, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, H, L, M, N,
Y and Z shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Growth Opportunities Fund Class A, before sales charge, returned
0.60% for the six-month period ended April 30, 2005. The Fund's return slightly
lagged the 0.87% return of the Russell 3000 Growth Index and the 0.95% return of
the Lipper Multi-Cap Growth Mutual Fund Average for the same period.
WHY DID THE FUND PERFORM THIS WAY?
Stock selection netted out to a flat contribution for the period, but results
varied widely. The Consumer Discretionary, Materials, and Technology sectors
posted the best selection results. In Consumer Discretionary, Sirius Satellite
responded strongly to the announcement of "Shock Jock" Howard Stern joining as
an on air personality in 2006 and the appointment of long-time radio executive
Mel Karmazin as CEO in the fourth quarter. The Materials sector benefited from a
position in building materials producer Rinker, which rose on continued positive
construction trends and the company's ability to pass on higher energy costs to
its customers. In Technology, Network Appliance rose sharply on solid revenue
and earnings growth as well as rising expectations for continued strong storage
demand. Airline Gol Linhas and consumer products company Jarden rounded out the
top contributors.
Stock selection was weaker in the Health Care and Industrials sectors.
Biotechnology company Elan tumbled over 70% in one day on the news that their
key multiple sclerosis drug, Tysabri, potentially caused a fatal brain ailment
in two patients in a test trial, resulting in the voluntary removal of the drug
from the market. In Industrials, relocation services company Sirva missed third
and fourth quarter earnings and reduced guidance for the current fiscal year. We
eliminated our position in both stocks. Staffing and placement firm Monster
Worldwide also traded down during the period, in part due to reduced guidance
for the first quarter, despite strong fourth quarter results. We retain our
33
- --------------------------------------------------------------------------------
position in Monster as we believe it will be a long-term winner that will
benefit from operating leverage going forward. Also in Health Care,
biotechnology company AtheroGenics fell on delays in a new atherosclerosis drug.
We continue to hold the stock as we believe the company's compound could
successfully address the large market for inflammation associated with
atherosclerosis.
WHAT IS YOUR OUTLOOK?
We expect economic expansion during the remainder of 2005, but we are preparing
for a deceleration from recent growth rates. This period will not feel as good
as the recovery we have experienced over the past two years, and we expect the
main engine of growth during that time, the US consumer, may have trouble
keeping pace. We expect the commercial and industrial side of the economy to
pick up the slack. We remain underweight the Consumer Staples, Financials, and
Technology sectors due to a dearth of attractive ideas, while maintaining
overweights in the more pro-cyclical Industrials, Consumer Discretionary, and
Energy sectors.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 6.6%
- -------------------------------------------------------------------
Capital Goods 2.4
- -------------------------------------------------------------------
Consumer Cyclical 14.7
- -------------------------------------------------------------------
Consumer Staples 1.0
- -------------------------------------------------------------------
Energy 7.4
- -------------------------------------------------------------------
Finance 15.9
- -------------------------------------------------------------------
Health Care 21.4
- -------------------------------------------------------------------
Services 16.9
- -------------------------------------------------------------------
Technology 26.8
- -------------------------------------------------------------------
Transportation 1.5
- -------------------------------------------------------------------
Other Assets & Liabilities -14.6
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
34
The Hartford High Yield Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
HIGH
CURRENT
INCOME.
GROWTH
OF
CAPITAL
IS A
SECONDARY
OBJECTIVE.
PERFORMANCE OVERVIEW(2) 9/30/98 - 4/30/05
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
12097.00 13395.00
11865.00 13169.00
12014.00 13357.00
12166.00 13539.00
12381.00 13804.00
12552.00 14004.00
10/04 12790.00 14258.00
12853.00 14430.00
12976.00 14645.00
12914.00 14626.00
13136.00 14841.00
12692.00 14409.00
4/05 12586.00 14270.00
</Table>
<Table>
--- HIGH YIELD FUND --- LEHMAN BROTHERS HIGH YIELD CORPORATE INDEX
$9,550 starting value $10,000 starting value
$12,586 ending value $14,270 ending value
</Table>
LEHMAN BROTHERS HIGH YIELD CORPORATE 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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ------------------------------------------------------------
High Yield A# 9/30/1998 4.04% 4.61% 4.29%
- ------------------------------------------------------------
High Yield A## 9/30/1998 -0.70% 3.65% 3.56%
- ------------------------------------------------------------
High Yield B# 9/30/1998 3.23% 3.84% 3.52%
- ------------------------------------------------------------
High Yield B## 9/30/1998 -1.67% 3.55% 3.52%
- ------------------------------------------------------------
High Yield C# 9/30/1998 3.48% 3.92% 3.59%
- ------------------------------------------------------------
High Yield C## 9/30/1998 2.50% 3.92% 3.59%
- ------------------------------------------------------------
High Yield Y# 9/30/1998 4.43% 5.02% 4.71%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Class B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
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, 2005, The Hartford High Yield Fund
Class A placed in the 4th quartile of its Lipper peer group with a total return,
before sales charge, of -1.60% versus the return of -0.26% for the Lipper peer
group and the return of 0.08% for the Lehman Brothers High Yield Corporate
Index.
The primary objective of The Hartford High Yield Fund is to provide high current
income by investing in non-investment grade debt securities. Growth of capital
is a secondary objective. As of April 30, 2005, the SEC yield for this Fund's
class A shares was 5.86%.
WHY DID THE FUND PERFORM THIS WAY?
Relative to its benchmark and peer universe, the Fund's underweight to issues
rated CCC and lower adversely imported performance in the last two months of
2004. Lower quality bonds rallied in the fourth quarter fueled, by airline and
wireline issuers. Thus, the Fund's performance was challenged as it held
approximately 6.8% in issues rated CCC and lower versus the benchmark weighting
of 17.2%. Underweight positioning in both airlines and wirelines were the
greatest contributors to underperformance. The wireline sector benefited as both
AT&T and MCI rallied due to their eligibility for the index. AT&T entered the
high yield index in August and has been a consistently strong performer. In
addition, the market was anticipating ratings for MCI upon their emergence from
bankruptcy. Qwest who was bidding to acquire MCI also rallied along with other
higher risk issues during the period. The Fund's conservative positioning in the
wireline sector with an underweight to the more leveraged telecom providers such
as Level 3 and Time Warner Telecom detracted from performance.
As 2005 unfolded, the underweight to lower quality debt began to benefit the
Fund. During January and February the market suffered due to a strong new issue
calendar dominated by lower rated deals, and in early March, both Ford and
General Motors surprised the markets with first quarter earnings
pre-announcements that were much lower than anticipated. The market's
performance began to suffer as the probability of the auto manufacturers being
downgraded to high yield increased. Additionally, leveraged buyout rumors heated
up and the market prepared for more fallen angels. Issuers such as Liberty
Media, Domtar, Kodak, TXU Corporation and Clear Channel loomed large over the
high yield market as these issuers either made debt-financed acquisitions,
discussed stock buybacks or announced disappointing earnings and/or outlooks.
Finally, the airline sector was negatively impacted by rising oil and the impact
of Delta's additional bankruptcy warning in its annual report. The Fund
benefited from low exposure to both airline and automotive bonds, yet were
negatively impacted by holdings in automotive retailers
35
- --------------------------------------------------------------------------------
and in the wireless sector. Automotive retailers posted decent first quarter
earnings despite the woes of the U.S. auto manufacturers whose bonds traded
lower due to concerns about credit ratings downgrades. Fixed investors became
worried after Ford and General Motors announced disappointing earnings for the
first quarter.
WHAT IS YOUR OUTLOOK?
The high yield market still exhibits reasonably strong fundamentals supported by
moderate economic growth. We remain encouraged by the relatively low level of
defaults and would anticipate this number to be somewhat stable into next year
due to corporations' near record levels of liquidity. Despite this, we are more
cautious on the market than our original expectation at the beginning of the
year as many of the risks we outlined are now making headlines. These include
more discussions on inflation, higher event risk associated with leveraged
buyouts and shareholder friendly activities, not to mention more scrutiny of the
Chinese Yuan. This uncertainty about the economic environment has been a
catalyst to drive the overall market lower, with riskier, lower rated corporate
bonds leading the charge. Furthermore, problems within the automotive sector, in
particular General Motors and Ford, has caused additional volatility. This,
coupled with recent data suggesting the pace of spending growth has slowed
somewhat due to increased energy prices, have resulted in the portfolio
continuing to gradually migrate further up in credit quality. Also the recent
slowdown has led us to scale back the portfolio's exposure to deep cyclical
sectors, such as paper, in favor of industries such as healthcare and consumer
non-cyclical. We expect to re-introduce greater allocations to the deep cyclical
sectors when we observe improvements in some of these outstanding issues.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- ---------------------------------------------------------------------
BBB 3.5%
- ---------------------------------------------------------------------
BB 38.1
- ---------------------------------------------------------------------
B 52.7
- ---------------------------------------------------------------------
CCC 4.5
- ---------------------------------------------------------------------
NR 1.2
- ---------------------------------------------------------------------
TOTAL 100.0%
- ---------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 16.5%
- -------------------------------------------------------------------
Capital Goods 4.6
- -------------------------------------------------------------------
Consumer Cyclical 8.5
- -------------------------------------------------------------------
Consumer Staples 4.3
- -------------------------------------------------------------------
Energy 6.3
- -------------------------------------------------------------------
Finance 22.2
- -------------------------------------------------------------------
Health Care 3.2
- -------------------------------------------------------------------
Services 14.8
- -------------------------------------------------------------------
Technology 16.9
- -------------------------------------------------------------------
Transportation 1.3
- -------------------------------------------------------------------
Utilities 12.6
- -------------------------------------------------------------------
Other Assets & Liabilities -11.2
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
36
The Hartford Income Allocation Fund
(advised by Hartford Investment Financial Services, LLC)
INVESTMENT
OBJECTIVE -- SEEKS
CURRENT
INCOME
AND,
AS A
SECONDARY
OBJECTIVE,
CAPITAL
PRESERVATION.
PERFORMANCE OVERVIEW(2) 5/28/04 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S. AGGREGATE BOND
INCOME ALLOCATION FUND INDEX
---------------------- -----------------------------------
5/28/04 9550.00 10000.00
6/04 9560.00 10057.00
7/04 9603.00 10157.00
8/04 9683.00 10351.00
9/04 9713.00 10379.00
10/04 9781.00 10466.00
11/04 9766.00 10382.00
12/04 9833.00 10477.00
1/05 9837.00 10543.00
2/05 9839.00 10481.00
3/05 9765.00 10428.00
4/05 9821.00 10569.00
</Table>
<Table>
--- INCOME ALLOCATION FUND --- LEHMAN BROTHERS U.S. AGGREGATE
$9,550 starting value BOND INDEX
$9,821 ending value $10,000 starting value
$10,569 ending value
</Table>
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 Index and Commercial
Mortgage-Backed Securities Index.
The value of shares will fluctuate so that, when redeemed, shares may be worth
more or less than their original cost. The chart and table do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares.
Performance information may reflect historical or current expense
waivers/reimbursements from an affiliate of the investment adviser, without
which performance would have been lower. For information on current expense
waivers/reimbursements, please see the prospectus.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE INCEPTION
- -------------------------------------------------
Income Allocation A# 5/28/2004 2.83%
- -------------------------------------------------
Income Allocation A## 5/28/2004 -1.79%
- -------------------------------------------------
Income Allocation B# 5/28/2004 2.22%
- -------------------------------------------------
Income Allocation B## 5/28/2004 -2.78%
- -------------------------------------------------
Income Allocation C# 5/28/2004 2.22%
- -------------------------------------------------
Income Allocation C## 5/28/2004 1.22%
- -------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Senior Vice President
CHRISTOPHER HANLON, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Income Allocation
Fund Class A had a total return, before sales charge of 0.40%, versus the return
of 0.78% for the Lipper peer group and 0.98% for the Lehman Brothers U.S.
Aggregate Bond Index.
WHY DID THE FUND PERFORM THIS WAY?
Yields rose during the period, with the ten-year Treasury note yield rising 18
basis points to 4.20% and the five-year Treasury note yield rising 62 basis
points to 3.90%. The yield curve flattened, however, as the yield on the 30 year
Treasury declined by 38 basis points. The Fund's duration was less than the
Lehman Brothers U.S. Aggregate Bond Index, which added to overall performance.
Within the major sectors of the Lehman Brothers U.S. Aggregate Index,
mortgage-backed securities were the top performer, while asset-backed securities
were the worst. The Fund is structured around five fixed income indices. For the
period, the Lehman U.S. TIPS Index was the top performer (up 3.10%), followed by
the Merrill Lynch 3-Month U.S. Treasury Bill Index (up 1.15%), Lehman Brothers
U.S. Aggregate Index (up 0.98%), Lehman Brothers High Yield Index (up 0.08%),
and Lehman Brothers 1-3 Year Government Index (up 0.05%). The Fund benefited,
relative to the Index, from its allocation to the Treasury Inflation Protected
Securities (TIPS) and cash asset classes. The Fund's benchmark does not have an
allocation to TIPS or cash securities. The Fund overall underperformed the
benchmark as several of the underlying funds underperformed their benchmarks.
However, we maintain conviction in our index level allocations.
OUTLOOK
The momentum in the economy appears to have weakened somewhat in the last month,
but consumer spending and business investments continue to fuel the economic
expansion. Headline inflation has increased as energy and commodity prices
remain high, but core measures remain at modest levels. We expect the Federal
Open Market Committee to continue on its path of raising interest rates. Looking
forward, there are signs that rising energy costs may slow mid year economic
growth. The magnitude of the inflationary pressures from commodity price
increases is the key issue in the months ahead.
The consumer sector is still contributing to economic growth as personal income
and personal spending increased at a strong pace. Consumer confidence measures
have slipped somewhat but remain elevated. We do not expect a significant
slowdown in the consumer segment if job growth continues and the housing market
remains firm. Record high gas prices, though, are the primary risk. The business
sector is healthy with 4th quarter corporate revenues
37
- --------------------------------------------------------------------------------
and profits up 13% and 20% year over respectively. Business investment has been
strong, particularly in capital goods. Industrial and manufacturing statistics
remain relatively firm, indicating that the current business environment is
favorable. Business confidence surveys have receded from high levels, but
business leaders remain optimistic.
The U.S. current account deficit is still a major long-term concern as it
reached a record $ 665.9 billion, or 5.7% of GDP. A reversal of the deficit
seems unlikely in the medium term given the recent strength of the U.S. dollar,
high energy prices, and low economic growth in Europe and Japan.
COMPOSITION BY UNDERLYING FUND
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
FUND NAME NET ASSETS
- -------------------------------------------------------------------
Hartford High Yield Fund, Class Y 14.9%
- -------------------------------------------------------------------
Hartford Income Fund, Class Y 3.9
- -------------------------------------------------------------------
Hartford Inflation Plus Fund, Class Y 15.9
- -------------------------------------------------------------------
Hartford Money Market Fund, Class Y 12.9
- -------------------------------------------------------------------
Hartford Short Duration Fund, Class Y 26.8
- -------------------------------------------------------------------
Hartford Total Return Bond Fund, Class Y 24.7
- -------------------------------------------------------------------
Other Assets & Liabilities 0.9
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
38
The Hartford Income Fund
(subadvised by Hartford Investment Management Company) INVESTMENT
OBJECTIVE -- SEEKS TO
PROVIDE A HIGH LEVEL OF
CURRENT INCOME. CAPITAL
APPRECIATION IS A
SECONDARY OBJECTIVE.
PERFORMANCE OVERVIEW(2) 10/31/02 - 4/30/05
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
10790.00 10621.00
10693.00 10579.00
10771.00 10639.00
10899.00 10745.00
11110.00 10950.00
11172.00 10979.00
10/04 11306.00 11072.00
11244.00 10983.00
11357.00 11084.00
11378.00 11154.00
11376.00 11088.00
11212.00 11031.00
4/05 11291.00 11180.00
</Table>
<Table>
--- INCOME FUND --- LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
$9,550 starting value $10,000 starting value
$11,291 ending value $11,180 ending value
</Table>
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ----------------------------------------------------------
Income A# 10/31/2002 4.64% 6.92%
- ----------------------------------------------------------
Income A## 10/31/2002 -0.03% 4.97%
- ----------------------------------------------------------
Income B# 10/31/2002 3.89% 6.20%
- ----------------------------------------------------------
Income B## 10/31/2002 -1.08% 5.10%
- ----------------------------------------------------------
Income C# 10/31/2002 3.88% 6.28%
- ----------------------------------------------------------
Income C## 10/31/2002 2.89% 6.28%
- ----------------------------------------------------------
Income Y# 11/28/2003 4.84% 6.57%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
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, 2005, The Hartford Income Fund Class A
placed in the 4th quartile of its Lipper peer group with a total return, before
sales charge, of -0.14% versus the return of 0.84% for the Lipper peer group and
a return of 0.98% 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,
2005, the SEC yield for this Fund's Class A share was 5.26%.
WHY DID THE FUND PERFORM THIS WAY?
Over the trailing six months, the Fund's SEC yield benefited from investments in
several higher-yielding sectors of the U.S. fixed income markets. A significant
allocation to U.S. high yield corporate bonds, and opportunistic investment in
U.S. Treasury Inflation-Protected Securities, contributed to the Fund's yield.
While the Fund's total return benefited from its high yield exposure in 2004,
the allocation to high yield debt has been a drag on performance thus far in
2005. In response to the changing credit environment, during March, we began to
reduce our high yield exposure and invested a portion of the proceeds in
investment grade corporate debt.
In anticipation of continued tightening by the Fed, the Fund's effective
duration was shortened modestly during the period to reduce the Fund's
sensitivity to the potential for rising interest rates. The Fed raised
short-term interest rates by 25 basis points at each opportunity, however, the
yield curve flattened. Yields at the short end of the yield curve rose most
significantly, with only a small increase in longer-term interest rates over
this period.
Allocations to Treasurys were reduced in favor of Treasury Inflation Protected
Securities (TIPS) over the past six months. We began the period with a modest
allocation to TIPS, eliminated the position in December and reintroduced a
significant allocation in March due to our view that core inflation is likely to
continue to be pressured upwards. Over the period, we opportunistically
increased the allocation of Agency bonds to capture incremental income with only
a modest increase in credit exposure. In addition, allocations to residential
and commercial mortgaged backed securities were increased in order to continue
the process of diversifying the Fund's sources of income.
WHAT IS YOUR OUTLOOK?
While we remain generally comfortable with the business prospects for many
high-yield issuers, we have moderated our expectations for the total-return
prospects of their bonds. This change in outlook was primarily due to the risk
of more aggressive
39
- --------------------------------------------------------------------------------
tightening by the U.S. Federal Reserve (Fed) and the risk of
shareholder-friendly corporate activity at the expense of bondholders. This
shift from high yield to higher quality corporate bonds should reduce the Funds'
sensitivity to corporate credit risk, although at the expense of generally lower
yields from our allocation to investment grade corporate bonds.
We continue to expect generally healthy economic growth that will help sustain
corporate profitability. Pockets of softness, however, are emerging. Moreover,
the rebound in growth that has already occurred is continuing to produce an
increase in inflationary pressures, which may prompt more aggressive actions by
the Fed. The Fed has become modestly less comfortable with the prospects for
consumer inflation, which further increases the risk of an acceleration in the
pace and total size of Fed tightening. We expect to continue to have significant
positions in U.S. corporate bonds, as companies remain healthy by most measures.
However, we will continue to explore and selectively invest in alternatives in
other sectors. The recent increase in the allocation to residential mortgage
backed securities represents one such opportunity.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 27.3%
- -------------------------------------------------------------------
AA 2.0
- -------------------------------------------------------------------
A 11.8
- -------------------------------------------------------------------
BBB 31.5
- -------------------------------------------------------------------
BB 17.1
- -------------------------------------------------------------------
B 10.1
- -------------------------------------------------------------------
CCC 0.2
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.1%
- -------------------------------------------------------------------
Capital Goods 2.1
- -------------------------------------------------------------------
Consumer Cyclical 4.2
- -------------------------------------------------------------------
Consumer Staples 1.6
- -------------------------------------------------------------------
Energy 3.8
- -------------------------------------------------------------------
Finance 26.5
- -------------------------------------------------------------------
General Obligations 0.3
- -------------------------------------------------------------------
Health Care 1.7
- -------------------------------------------------------------------
Services 6.8
- -------------------------------------------------------------------
Technology 6.3
- -------------------------------------------------------------------
Transportation 1.6
- -------------------------------------------------------------------
U.S. Government Agencies 10.6
- -------------------------------------------------------------------
U.S. Government Securities 27.3
- -------------------------------------------------------------------
Utilities 3.0
- -------------------------------------------------------------------
Other Assets & Liabilities 0.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
40
The Hartford Inflation Plus Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
A TOTAL
RETURN
THAT
EXCEEDS
THE
RATE OF
INFLATION
OVER AN
ECONOMIC
CYCLE.
PERFORMANCE OVERVIEW(2) 10/31/02 - 4/30/05
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
10/03 10411.00 11075.00
10410.00 11082.00
10499.00 11195.00
10608.00 11324.00
10841.00 11585.00
11002.00 11771.00
10487.00 11200.00
10627.00 11402.00
10620.00 11406.00
10706.00 11512.00
10975.00 11821.00
10988.00 11844.00
10/04 11077.00 11963.00
11044.00 11934.00
11228.00 12142.00
11226.00 12143.00
11172.00 12091.00
11172.00 12102.00
4/05 11365.00 12333.00
</Table>
<Table>
--- INFLATION PLUS FUND --- LEHMAN BROTHERS U.S. TIPS INDEX
$9,550 starting value $10,000 starting value
$11,365 ending value $12,333 ending value
</Table>
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.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Managing Director
TIMOTHY WILHIDE
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Inflation Plus A# 10/31/2002 8.38% 7.21%
- ------------------------------------------------------------------
Inflation Plus A## 10/31/2002 3.47% 5.26%
- ------------------------------------------------------------------
Inflation Plus B# 10/31/2002 7.68% 6.51%
- ------------------------------------------------------------------
Inflation Plus B## 10/31/2002 2.68% 5.41%
- ------------------------------------------------------------------
Inflation Plus C# 10/31/2002 7.59% 6.47%
- ------------------------------------------------------------------
Inflation Plus C## 10/31/2002 6.59% 6.47%
- ------------------------------------------------------------------
Inflation Plus Y# 11/28/2003 8.80% 6.76%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
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.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Inflation Plus Fund
Class A placed in the 2nd quartile of its Lipper peer group with a total return,
before sales charge, of 2.61%, versus a return of 2.61% for the Lipper peer
group and a return of 3.10% for the Lehman Brothers U.S. TIPS Index.
WHY DID THE FUND PERFORM THIS WAY?
Treasury Inflation Protected Securities (TIPS), as an asset class, have
performed well over the past six months and have outperformed similar maturity
nominal Treasuries. The Fund began the period with a duration that was
positioned similar to the Index. Interest rates have been in a fairly narrow
range since last summer when the economy entered what the Federal Reserve (Fed)
had described as a "soft patch". By late November, however, evidence was
accumulating that economic growth was strengthening and inflationary pressures
were picking up. As a result, the Fund shortened duration and remained short for
the rest of the period due to a strong economy and rising energy prices. In
addition, the portfolio was adjusted along the yield curve to take advantage of
seasonal accruals, TIPS auctions and a steady flattening of the real curve.
For much of the period, the Fund maintained a high allocation to TIPS (mid to
upper 90% in TIPS). Given our view that rates and fuel prices would rise, we
expected breakevens to increase and we executed tactical trades to profit from
the change. During the fourth quarter of 2004, the Fund added, and subsequently
sold in the first quarter of 2005, a small allocation to German Government Aaa
debt. This allocation was made in anticipation of the Euro currency appreciating
against the dollar, which benefited performance.
WHAT IS YOUR OUTLOOK?
We expect the Federal Open Market Committee to continue on its path of gradually
raising interest rates. Given the current momentum of the economy, it seems
likely that we will see a gradual further tightening in the second half of the
year. Retail indicators signal that growth in the consumer sector continues to
increase. Personal income and personal spending are growing at a solid pace and
consumer confidence measures remain elevated. We do not expect a slowdown in the
consumer segment as long as job growth continues and the housing market remains
firm. There are signs, however, that rising energy costs and continued Fed
tightening may slow economic growth in the middle of the year. Rising energy
costs, especially gasoline prices, may put a damper on consumer spending. The
magnitude of inflationary pressures from commodity price increases will be a key
issue in the months ahead.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- --------------------------------------------------------------------
AAA 97.7%
- --------------------------------------------------------------------
AA 0.5
- --------------------------------------------------------------------
A 0.5
- --------------------------------------------------------------------
BBB 0.9
- --------------------------------------------------------------------
NR 0.4
- --------------------------------------------------------------------
TOTAL 100.0%
- --------------------------------------------------------------------
</Table>
41
The Hartford International Capital Appreciation Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 4/30/01 - 4/30/05
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
10286.00 10224.00
10467.00 10256.00
10800.00 10498.00
10038.00 10158.00
10086.00 10205.00
10590.00 10473.00
10/04 11027.00 10831.00
11646.00 11574.00
11979.00 12082.00
11608.00 11861.00
11483.00 12376.00
11055.00 12070.00
4/05 10950.00 11800.00
</Table>
<Table>
--- INTERNATIONAL CAP APP FUND --- MSCI EAFE INDEX
$9,450 starting value $10,000 starting value
$10,950 ending value $11,800 ending value
</Table>
MSCI EAFE INDEX -- 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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- -----------------------------------------------------------------
Int'l Cap App A# 4/30/2001 6.48% 3.75%
- -----------------------------------------------------------------
Int'l Cap App A## 4/30/2001 0.61% 2.29%
- -----------------------------------------------------------------
Int'l Cap App B# 4/30/2001 5.67% 2.99%
- -----------------------------------------------------------------
Int'l Cap App B## 4/30/2001 0.67% 2.30%
- -----------------------------------------------------------------
Int'l Cap App C# 4/30/2001 5.66% 3.02%
- -----------------------------------------------------------------
Int'l Cap App C## 4/30/2001 4.66% 3.02%
- -----------------------------------------------------------------
Int'l Cap App Y# 4/30/2001 6.87% 4.19%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT
ANDREW S. OFFIT
Senior Vice President, Partner, Portfolio Manager
JEAN-MARC BERTEAUX
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Capital Appreciation Fund Class A, before sales
charge, returned -0.69% for the six-month period ended April 30, 2005. The Fund
underperformed its MSCI EAFE Index benchmark, which returned 8.95%, as well as
the Lipper International Multi Cap Growth Funds Average, which returned 7.32%
for the period.
WHY DID THE FUND PERFORM THIS WAY?
Our emphasis in the Fund is on sector and stock weights; country allocations are
a residual of this process. We had several disappointments in the quarter,
including one major one. One of our largest holdings, Elan Pharmaceuticals,
declined 75% on February 28, costing the Fund over 2.8% in returns. The stock
declined because Elan's major drug, Tysabri, an FDA-approved drug for multiple
sclerosis, was withdrawn from the market due to a patient death. Elan was our
greatest contributor to performance in 2004 and we felt strongly that there was
over 50% more upside in 2005. The patient death and withdrawal of the drug were
both tragic and totally unexpected. True to our process, as soon as Tysabri was
withdrawn we sold the position in Elan. As a result, we no longer held the stock
in March when it declined another 50% after another patient death occurred.
Though Elan accounted for much of our underperformance, several other stocks
hurt returns during the period. Research in Motion (RIM), makers of the popular
Blackberry devices, came under pressure due to an outstanding patent litigation
case with intellectual property firm NTP. After much work, we concluded that
this ruling would come sooner and have a more negative effect on RIM's stock
price than expected. Subsequently, we trimmed our holdings. Fortunately, we did
so in early December when the stock was trading around $90. On December 12, the
U.S. appeals court ruled against RIM and its stock price fell accordingly. We
continue to hold the stock.
Alcatel was another negative surprise. Management reported 4Q margins well below
expectations after our very positive meeting with the CEO in November. As a
result, we sold completely the stake in Alcatel.
Several of our large holdings performed well during the period, including
Esprit, which delivered strong quarterly earnings driven by robust margins and
strong sales in Asia, and Japan Tobacco, which rose in response to strong
international tobacco results, domestic cost cutting, and attractive new drugs
emerging in its pharmaceutical business.
42
- --------------------------------------------------------------------------------
Our sector allocations detracted modestly from performance, primarily due to our
overweight in Technology, which performed poorly during the period.
WHAT IS THE OUTLOOK?
As usual, the Fund is positioned for growth. Our overweights in the Consumer
Discretionary and Information Technology sectors, some of the strongest areas of
growth, are a result of our bottom-up research and stock analysis. An example is
AU Optronics, a Taiwanese based company that manufactures TFT-LCD panels for
notebook computer monitors and flat screen television sets. We anticipate huge
demand for the LCD televisions as prices fall. Our process will remain the same:
collaborative research with our global and regional analysts, frequent meetings
with company managements, a strong focus on stock-picking, and an emphasis on
growth.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.2%
- -------------------------------------------------------------------
Capital Goods 2.7
- -------------------------------------------------------------------
Consumer Cyclical 10.8
- -------------------------------------------------------------------
Consumer Staples 9.7
- -------------------------------------------------------------------
Energy 4.4
- -------------------------------------------------------------------
Finance 45.8
- -------------------------------------------------------------------
Health Care 7.7
- -------------------------------------------------------------------
Services 10.2
- -------------------------------------------------------------------
Technology 24.0
- -------------------------------------------------------------------
Transportation 3.3
- -------------------------------------------------------------------
Other Assets & Liabilities -22.8
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Australia 0.8%
- -------------------------------------------------------------------
Canada 8.6
- -------------------------------------------------------------------
Finland 2.4
- -------------------------------------------------------------------
France 11.3
- -------------------------------------------------------------------
Germany 4.4
- -------------------------------------------------------------------
Greece 0.6
- -------------------------------------------------------------------
Hong Kong 3.2
- -------------------------------------------------------------------
Ireland 0.6
- -------------------------------------------------------------------
Italy 1.9
- -------------------------------------------------------------------
Japan 10.0
- -------------------------------------------------------------------
Luxembourg 1.4
- -------------------------------------------------------------------
Mexico 2.0
- -------------------------------------------------------------------
Netherlands 7.5
- -------------------------------------------------------------------
South Korea 2.7
- -------------------------------------------------------------------
Spain 1.4
- -------------------------------------------------------------------
Sweden 1.3
- -------------------------------------------------------------------
Switzerland 8.3
- -------------------------------------------------------------------
Taiwan 7.0
- -------------------------------------------------------------------
United Kingdom 16.4
- -------------------------------------------------------------------
United States 31.0
- -------------------------------------------------------------------
Other Assets & Liabilities -22.8
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
43
The Hartford International Opportunities Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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
11765.00 12974.00
11854.00 13004.00
12151.00 13298.00
11578.00 12911.00
11578.00 13014.00
11931.00 13433.00
10/04 12372.00 13900.00
13133.00 14865.00
13630.00 15503.00
13332.00 15236.00
13784.00 15987.00
13443.00 15554.00
4/05 13188.00 15170.00
</Table>
<Table>
--- INTERNATIONAL OPPORTUNITIES --- MSCI AC WORLD FREE EX U.S. INDEX
$9,450 starting value $10,000 starting value
$13,188 ending value $15,170 ending value
</Table>
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------
Int'l Opp A# 7/22/1996 12.09% -3.03% 3.87%
- -----------------------------------------------------------
Int'l Opp A## 7/22/1996 5.94% -4.13% 3.21%
- -----------------------------------------------------------
Int'l Opp B# 7/22/1996 11.33% -3.75% NA*
- -----------------------------------------------------------
Int'l Opp B## 7/22/1996 6.33% -4.11% NA*
- -----------------------------------------------------------
Int'l Opp C# 7/22/1996 11.19% -3.78% 3.11%
- -----------------------------------------------------------
Int'l Opp C## 7/22/1996 10.19% -3.78% 3.11%
- -----------------------------------------------------------
Int'l Opp Y# 7/22/1996 12.72% -2.60% 4.34%
- -----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Classes B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGEMENT
TROND SKRAMSTAD
Senior Vice President, Partner, Director of Global Equity, Portfolio Manager
<Table>
NICOLAS M. CHOUMENKOVITCH GAVIN MA
Vice President Vice President
</Table>
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Opportunities Fund Class A, before sales charge,
returned 6.60% for the six-month period ended April 30, 2005. The Fund trailed
the 9.14% return of the MSCI All-Country World Free ex-US Index and
underperformed the Lipper International Large Cap Core Funds Average of 7.37%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund uses a three-pronged strategy that considers fundamental company
analysis as well as the relative attractiveness of countries and sectors. The
primary reason for the shortfall in performance over the last six months was the
poor performance from pharmaceutical holding Elan Corp (-77%), which plunged on
news that the company would pull its promising new Tysabri Multiple Sclerosis
drug from the market. This position detracted 0.82% from Fund performance for
the first six months. We have sold our position in Elan. More broadly, strong
stock selection in Consumer Staples and Energy was offset by poor selection in
Healthcare and Materials. Consumer Staples company Japan Tobacco was the top
contributor to absolute Fund returns as its stock price rose in response to
strong international tobacco results, domestic cost cutting, and attractive new
drugs emerging in its pharmaceutical business. Other top contributors to
performance were Orascom Telecom, a leading operator of mobile phone networks in
the Middle East and Africa, and Esprit Holdings, the international clothing
retailer. Aside from Elan, the largest detractors from absolute Fund returns
were UTStarcom, a China-focused telecommunications hardware/services provider,
and British materials company Vendanta Resources.
Relative to the benchmark, the Fund's regional allocation decisions were
somewhat negative, driven primarily by underweights in Australia, Brazil and the
UK and overweights in the U.S. and France. Sector decisions detracted value
modestly, driven primarily by an overweight in Information Technology and an
underweight in Utilities.
WHAT IS THE OUTLOOK?
Looking ahead toward the middle of 2005, we continue to see an environment
characterized by near-term softness in economic growth and rising interest
rates, particularly in the U.S. While a modest reacceleration could be
forthcoming in the second half, the outlook for 2006 growth looks to be below
trend, particularly in the Organisation for Economic Co-operation and
Development. As a result, during the last six months we reduced our exposure to
several economically sensitive names such as DaimlerChrysler and used the
proceeds to add to our holdings in Consumer Staples, including new positions in
Nestle and Swedish Match, the tobacco products maker. From a sector perspective,
we are currently overweight in Consumer Staples, Consumer Discretionary and
Health Care and underweight in Materials, Industrials, Utilities
44
- --------------------------------------------------------------------------------
and Financials. While we will be on the lookout to add back tactically to select
cyclical names on any significant weakness, we expect to maintain the Fund's
current, relatively defensive positioning going forward. From a regional
perspective we remain overweight in Continental Europe. Interest rates remain
low by historical standards and valuations are still attractive. We do not
expect the recent euro weakness to persist for long given the imbalances in the
U.S. economy, and corporate profits should begin to improve as the gradual
restructuring of the past few years begins to bear fruit. We remain underweight
in the UK as high interest rates and a gradually deflating housing bubble
continue to dampen economic activity. We added slightly to our Japanese holdings
over the last six months and are now neutral versus the benchmark. The Japanese
economy is vulnerable to slowing global economic growth, but it should see a
shallower soft patch than in previous cycles due to the much healthier state of
the economy overall and Japanese companies and the weaker yen. We trimmed our
holdings in emerging Asia ex-Japan and are now slightly underweight in Asia
ex-Japan and emerging markets.
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------------------------------------------------
Australia 0.8%
- -------------------------------------------------------------------
Austria 0.9
- -------------------------------------------------------------------
Brazil 1.4
- -------------------------------------------------------------------
Canada 6.5
- -------------------------------------------------------------------
Denmark 1.0
- -------------------------------------------------------------------
Egypt 0.7
- -------------------------------------------------------------------
France 11.9
- -------------------------------------------------------------------
Germany 4.2
- -------------------------------------------------------------------
Hong Kong 2.8
- -------------------------------------------------------------------
Hungary 0.5
- -------------------------------------------------------------------
India 0.6
- -------------------------------------------------------------------
Indonesia 0.6
- -------------------------------------------------------------------
Ireland 0.5
- -------------------------------------------------------------------
Italy 4.8
- -------------------------------------------------------------------
Japan 17.4
- -------------------------------------------------------------------
Malaysia 0.5
- -------------------------------------------------------------------
Mexico 1.0
- -------------------------------------------------------------------
Netherlands 4.8
- -------------------------------------------------------------------
Philippines 0.6
- -------------------------------------------------------------------
Spain 2.0
- -------------------------------------------------------------------
Sweden 3.7
- -------------------------------------------------------------------
Switzerland 7.9
- -------------------------------------------------------------------
Taiwan 2.4
- -------------------------------------------------------------------
Turkey 0.5
- -------------------------------------------------------------------
United Kingdom 16.0
- -------------------------------------------------------------------
United States 28.0
- -------------------------------------------------------------------
Other Assets & Liabilities -22.0
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 7.3%
- -------------------------------------------------------------------
Capital Goods 1.6
- -------------------------------------------------------------------
Consumer Cyclical 7.3
- -------------------------------------------------------------------
Consumer Staples 11.3
- -------------------------------------------------------------------
Energy 9.4
- -------------------------------------------------------------------
Finance 48.2
- -------------------------------------------------------------------
Health Care 8.8
- -------------------------------------------------------------------
Services 9.2
- -------------------------------------------------------------------
Technology 16.0
- -------------------------------------------------------------------
Transportation 1.9
- -------------------------------------------------------------------
Utilities 1.0
- -------------------------------------------------------------------
Other Assets & Liabilities -22.0
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
45
The Hartford International Small Company Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 4/30/01 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
CITIGROUP BROAD MARKET
INTERNATIONAL SMALL CO FUND EURO-PACIFIC CITIGROUP EXTENDED MARKET
--------------------------- ---------------------- -------------------------
4/30/01 9450.00 10000.00 10000.00
9781.00 10051.00 9952.00
9205.00 9730.00 9582.00
9044.00 9365.00 9331.00
9044.00 9388.00 9325.00
7825.00 8233.00 8117.00
10/01 8335.00 8554.00 8459.00
8901.00 8875.00 8765.00
8713.00 8758.00 8753.00
8580.00 8585.00 8532.00
8561.00 8792.00 8699.00
8968.00 9305.00 9265.00
9346.00 9565.00 9459.00
9619.00 9980.00 9800.00
9506.00 9671.00 9460.00
8920.00 9000.00 8646.00
8713.00 8917.00 8573.00
7833.00 8188.00 7778.00
10/02 7909.00 8117.00 7921.00
8155.00 8408.00 8215.00
8331.00 8345.00 8081.00
8142.00 8223.00 7877.00
8123.00 8207.00 7741.00
8094.00 8157.00 7691.00
9098.00 8834.00 8457.00
9827.00 9576.00 9166.00
9960.00 10030.00 9477.00
10357.00 10357.00 9799.00
10869.00 11015.00 10243.00
11570.00 11642.00 10727.00
10/03 12242.00 12443.00 11488.00
12323.00 12432.00 11657.00
12886.00 13194.00 12358.00
13211.00 13745.00 12824.00
13555.00 14141.00 13223.00
14022.00 14882.00 13567.00
13758.00 14401.00 13219.00
13454.00 14204.00 13222.00
13850.00 14863.00 13688.00
13109.00 14245.00 13139.00
12997.00 14387.00 13242.00
13179.00 14746.00 13638.00
10/04 13635.00 15240.00 14064.00
</Table>
<Table>
--- INTERNATIONAL SMALL CO --- CITIGROUP BROAD MARKET -- S&P/CITIGROUP EURO-
FUND EURO-PACIFIC <$2b INDEX PACIFIC EXTENDED MARKET
$9,450 starting value $10,000 starting value INDEX
$13,635 ending value $15,240 ending value $20,000 starting value
$14,064 ending value
</Table>
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.
S&P/CITIGROUP EURO-PACIFIC EXTENDED MARKET INDEX is a global equity index
comprised of the smallest 20% of each country's market capitalization in the
Broad Market Index. All developed countries are included except the US and
Canada.
The fund has changed its benchmark from the Citigroup Broad Market Index <$2b
billion Euro-Pacific to the S&P/Citigroup Euro Pacific Extended Market Index
because the fund's investment manager believes that the S&P/Citigroup Euro
Pacific Extended Market Index is better suited to the investment strategy of the
fund.
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.
PORTFOLIO MANAGER
EDWARD L. MAKIN
Vice President
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Int'l Small Co A# 4/30/2001 7.60% 11.87%
- ------------------------------------------------------------------
Int'l Small Co A## 4/30/2001 1.68% 10.31%
- ------------------------------------------------------------------
Int'l Small Co B# 4/30/2001 6.76% 11.28%
- ------------------------------------------------------------------
Int'l Small Co B## 4/30/2001 2.00% 10.73%
- ------------------------------------------------------------------
Int'l Small Co C# 4/30/2001 6.81% 11.06%
- ------------------------------------------------------------------
Int'l Small Co C## 4/30/2001 5.86% 11.06%
- ------------------------------------------------------------------
Int'l Small Co Y# 4/30/2001 8.00% 12.36%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Class B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Small Company Fund Class A, before sales charge,
returned 8.57% for the six-month period ended April 30, 2005. The Fund
underperformed the 14.06% return of the S&P/Citigroup Euro Pacific Extended
Market Index and the Citigroup Broad Market Euro-Pacific <$2b Index. The Fund
also underperformed the 11.63% return for the Lipper International Small/Mid Cap
Core average during the six-month period.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's advance trailed the benchmark as the more speculative names within
the investment universe drove market performance. Our posture relative to the
benchmark -- larger-cap positioning, long-term growth bias and contrarian
stance -- did not help over this period.
The top contributor to performance during the period was Daewoo Securities
(Korea). The financial services company benefited from regulatory changes in the
South Korean investment industry that allowed financial services companies to
expand their business model by increasing the services they offer. We eliminated
the stock based on strong performance. Also in South Korea, Industrial Bank of
Korea shares gained, as the company announced their intention to increase
lending amid a recovering economy. Other leading contributors to performance
were Alstom (France), which benefited from additional contracts for its
construction infrastructure services, and Equant (France), which we eliminated
following France Telecom's offer to buy out the remaining shares of the company.
Stock selection relative to the benchmark was weakest within the Consumer
Discretionary sector. Marionnaud Parfumers (France) experienced a significant
loss following reports that the company was operating at a loss, and had made
accounting errors in their reporting. We eliminated this position. UK-based
Jardine Lloyd Thompson, an insurance broker, and Premier Farnell, a Technology
Hardware & Equipment company, also declined during the period.
46
- --------------------------------------------------------------------------------
WHAT IS THE OUTLOOK?
Global economic growth continues to moderate, particularly in Europe, where the
impact of strengthening currencies continues to weigh on exports. The U.S.
economy, while also moderating, appears strong relative to its global peers. The
strength of the U.S. economy, and the growth of China and the other emerging
markets, continue to boost the price of natural resources, like coal and oil, as
supply has been unable to keep up with near term demand.
While the continued market trend towards favoring the more speculative value
names has been a headwind for some time, we feel several factors, including a
moderating global economic environment and lack of cheap funding spurred on by
higher U.S. interest rates and dollar strength, will lessen or reverse this
headwind. We are positioned with an emphasis on cash generative, steady growth
companies which are less leveraged to the economic cycle. As always, we
continually re-evaluate our winners and search for companies and industries
overlooked by the market.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 10.6%
- -------------------------------------------------------------------
Capital Goods 8.7
- -------------------------------------------------------------------
Consumer Cyclical 9.3
- -------------------------------------------------------------------
Consumer Staples 4.6
- -------------------------------------------------------------------
Energy 2.1
- -------------------------------------------------------------------
Finance 36.8
- -------------------------------------------------------------------
Health Care 8.5
- -------------------------------------------------------------------
Services 21.7
- -------------------------------------------------------------------
Technology 15.1
- -------------------------------------------------------------------
Transportation 2.9
- -------------------------------------------------------------------
Utilities 1.0
- -------------------------------------------------------------------
Other Assets & Liabilities -21.3
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY COUNTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- ----------------------------------------------------------------------
Australia 3.7%
- ----------------------------------------------------------------------
Austria 0.5
- ----------------------------------------------------------------------
Brazil 0.8
- ----------------------------------------------------------------------
China 1.8
- ----------------------------------------------------------------------
Denmark 2.0
- ----------------------------------------------------------------------
Finland 1.5
- ----------------------------------------------------------------------
France 11.3
- ----------------------------------------------------------------------
Germany 6.2
- ----------------------------------------------------------------------
Greece 0.8
- ----------------------------------------------------------------------
Hong Kong 0.5
- ----------------------------------------------------------------------
Italy 7.2
- ----------------------------------------------------------------------
Japan 21.2
- ----------------------------------------------------------------------
Liechtenstein 0.5
- ----------------------------------------------------------------------
Malaysia 1.5
- ----------------------------------------------------------------------
Netherlands 4.1
- ----------------------------------------------------------------------
New Zealand 2.0
- ----------------------------------------------------------------------
South Africa 0.8
- ----------------------------------------------------------------------
South Korea 3.4
- ----------------------------------------------------------------------
Spain 1.2
- ----------------------------------------------------------------------
Sweden 1.7
- ----------------------------------------------------------------------
Switzerland 3.8
- ----------------------------------------------------------------------
Thailand 0.6
- ----------------------------------------------------------------------
United Kingdom 20.4
- ----------------------------------------------------------------------
United States 23.8
- ----------------------------------------------------------------------
Other Assets & Liabilities -21.3
- ----------------------------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------------------------
</Table>
47
The Hartford MidCap Fund*
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(3) 12/31/97 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
MidCap Fund S & P MidCap 400 Index
12/31/97 9450 10000
9441 10074
9138 9883
9970 10701
10443 11184
10669 11389
10292 10876
10849 10945
10669 10520
8581 8562
9111 9361
10/98 9867 10198
10482 10707
11625 12000
11909 11533
11380 10929
12344 11235
13280 12120
13440 12174
14361 12824
13955 12552
13756 12123
13454 11748
10/99 14239 12347
14996 12995
17461 13767
17412 13379
20132 14316
21360 15514
20082 14972
19032 14785
20929 15003
21103 15240
23348 16942
23054 16827
10/00 22780 16256
20237 15029
21796 16179
22107 16539
20838 15595
19080 14436
20871 16026
21216 16399
21137 16334
20680 16090
19700 15564
17350 13628
10/01 18464 14230
19969 15289
20781 16078
20403 15996
20526 16015
21663 17160
21383 17080
21494 16791
20147 15562
18041 14054
17953 14124
16427 12987
10/02 17275 13550
18847 14334
17665 13745
17419 13344
17263 13026
17397 13135
18813 14088
20373 15255
20495 15449
20674 15998
21620 16722
21164 16467
10/03 22936 17712
23360 18328
23995 18637
24542 19042
24766 19499
24632 19581
23952 18938
24276 19331
24844 19771
23629 18848
23584 18799
24676 19355
10/04 25199 19665
26729 20837
27822 21710
27310 21157
27982 21865
27573 21623
4/05 26627 20781
</Table>
<Table>
--- MIDCAP FUND --- S & P MIDCAP 400 INDEX
$9,450 starting value $10,000 starting value
$26,627 ending value $20,781 ending value
</Table>
S&P MIDCAP 400 INDEX is an unmanaged index measuring the performance of the
mid-size company segment of the U.S. market.
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.
PORTFOLIO MANAGER
PHILLIP H. PERELMUTER
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ------------------------------------------------------------
MidCap A# 12/31/1997 11.17% 5.81% 15.18%
- ------------------------------------------------------------
MidCap A## 12/31/1997 5.06% 4.62% 14.29%
- ------------------------------------------------------------
MidCap B# 12/31/1997 10.30% 5.03% 14.35%
- ------------------------------------------------------------
MidCap B## 12/31/1997 5.30% 4.70% 14.35%
- ------------------------------------------------------------
MidCap C# 12/31/1997 10.42% 5.09% 14.41%
- ------------------------------------------------------------
MidCap C## 12/31/1997 9.42% 5.09% 14.41%
- ------------------------------------------------------------
MidCap Y# 12/31/1997 11.67% 6.34% 15.73%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
* The Hartford MidCap Fund was closed to new investors as of
the end of the day 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.
The fund will continue to offer and sell share: (1) through
ACH and other similar systematic investment facilities to
investors who establish plans to invest through such
facilities prior to August 16, 2004, (2) for reinvestment of
capital gains distributions and income dividends, and (3) to
certain qualified retirement plans that included (or
offered) the fund as an investment option prior to August
16, 2004.
The fund continues to pay 12b-1 fees. These fees are paid
for ongoing shareholder services, to compensate brokers for
past sales and to reimburse the fund's distributor for
commissions paid in connection with past sales.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford MidCap Fund Class A, before sales charge, returned 5.66% for the
six-month period ended April 30, 2005, almost matching the S&P Mid Cap 400 Index
return of 5.68%, and outperforming the Lipper Mid-Cap Core Average return of
4.05%.
WHY DID THE FUND PERFORM THIS WAY?
Some of the most notable positive contributors to Fund performance were stocks
in the Energy sector. Continued growth in global demand for energy, as well as
limited capacity to increase supply, helped energy markets reach new highs.
Strengthening energy prices spurred shares of Premcor, EOG Resources, and Valero
Energy to rise more than 40% during the period. Other noteworthy performers
included cockpit controls manufacturer Rockwell Collins, which rose on strength
in its commercial aerospace unit; uranium producer Cameco, which guided to
higher realized pricing and volumes in its uranium operations; and digital
animation studio Pixar, which was helped by strong performance of its recent hit
"The Incredibles" and hopes that a distribution deal can be forged with Disney's
new CEO.
Negative contribution to Fund performance came from the Health Care and Consumer
Discretionary sectors. Within Health Care, multiple biotechnology stocks
detracted from performance, including Elan and Millennium Pharmaceuticals. Elan
suffered a steep decline after its much-heralded multiple sclerosis drug Tysabri
was associated with patient deaths. Millennium Pharmaceuticals also fell as it
reported sluggish Velcade sales and was threatened by a newer, competitive drug
for the treatment of multiple myeloma. Automobile suppliers hurt performance
within the Consumer Discretionary sector as Lear and Borg Warner were negatively
impacted by reductions in automobile production levels and rising material
costs. In addition, global provider of career solutions Monster Worldwide,
detracted from performance.
48
- --------------------------------------------------------------------------------
WHAT IS THE OUTLOOK?
With the Fed raising rates to fight inflation, the U.S. economy is unlikely to
escape the effects of a global slowdown. We have seen signs of decelerating
growth among industrial holdings, and have positioned the portfolio to weather a
storm of slower economic growth and higher inflation. We have been adding
companies with more stable but growing revenue sources. These positions are
bolstered by several companies that should show extraordinary growth in these
ordinary times. As of the end of the period, the Fund was overweight the
Consumer Discretionary, Financials, Telecommunication Services and Information
Technology sectors and underweight the Utilities, Consumer Staples and Health
Care sectors.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.3%
- -------------------------------------------------------------------
Capital Goods 0.0
- -------------------------------------------------------------------
Consumer Cyclical 19.9
- -------------------------------------------------------------------
Consumer Staples 0.8
- -------------------------------------------------------------------
Energy 8.0
- -------------------------------------------------------------------
Finance 34.6
- -------------------------------------------------------------------
Health Care 7.3
- -------------------------------------------------------------------
Services 15.8
- -------------------------------------------------------------------
Technology 12.7
- -------------------------------------------------------------------
Transportation 0.3
- -------------------------------------------------------------------
Utilities 3.0
- -------------------------------------------------------------------
Other Assets & Liabilities -6.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
49
The Hartford MidCap Value Fund*
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(2) 4/30/01 - 4/30/05
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
11540.00 13921.00
11757.00 14201.00
12229.00 14765.00
11700.00 14170.00
11501.00 14348.00
11917.00 14802.00
10/04 12182.00 15070.00
12865.00 16303.00
13366.00 16821.00
12866.00 16279.00
13406.00 16686.00
13233.00 16463.00
4/05 12570.00 15847.00
</Table>
<Table>
--- MIDCAP VALUE FUND --- RUSSELL 2500 VALUE INDEX
$9,450 starting value $10,000 starting value
$12,570 ending value $15,847 ending value
</Table>
RUSSELL 2500 VALUE INDEX measures the performance of those Russell 2500 Index
companies with lower price-to-book ratios and lower forecasted growth values.
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.
PORTFOLIO MANAGER
JAMES N. MORDY
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ----------------------------------------------------------------
MidCap Value A# 4/30/2001 8.93% 7.39%
- ----------------------------------------------------------------
MidCap Value A## 4/30/2001 2.94% 5.89%
- ----------------------------------------------------------------
MidCap Value B# 4/30/2001 8.17% 6.65%
- ----------------------------------------------------------------
MidCap Value B## 4/30/2001 3.17% 6.03%
- ----------------------------------------------------------------
MidCap Value C# 4/30/2001 8.07% 6.65%
- ----------------------------------------------------------------
MidCap Value C## 4/30/2001 7.08% 6.65%
- ----------------------------------------------------------------
MidCap Value Y# 4/30/2001 9.29% 7.90%
- ----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
* As of August 16, 2004, the fund no longer offers Class A, B
and C shares except as follows. The fund will continue to
offer and sell shares: (1) through ACH and other similar
systematic investment facilities to investors who
established plans to invest through such facilities prior to
August 16, 2004 and (2) for reinvestment of capital gains
distributions and income dividends.
The fund continues to pay 12b-1 fees. These fees are paid
for ongoing shareholder services, to compensate brokers for
past sales and to reimburse the fund's distributor for
commissions paid in connection with past sales.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ending April 30, 2005, The Hartford MidCap Value Fund
Class A, before sales charge, returned 3.18% trailing both the Russell 2500
Value Index return of 5.17% and the Lipper Mid Cap Value peer group return of
5.46%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's underperformance relative to the benchmark was due primarily to poor
stock selection within Information Technology, Materials, Industrials and
Consumer Discretionary. Our overweight position within Information Technology
reflected our desire to buy into weakness in semiconductor and semiconductor
capital equipment stocks. We were clearly too early, as worldwide demand for
electronics, while still healthy, has cooled a bit. Short-sighted investors are
treating the stocks as if we face a downturn as severe as that which followed
the bursting of the tech bubble four years ago. It is our view that the
industry's quick response to pare inventories ensures a relatively short
correction and an extended up-cycle over the next couple of years. We have
maintained our overweight in the group as the upside from current levels should
be very rewarding. Among our detractors in this group was Teradyne, a stock that
we owned as of the end of the period.
Within Industrials, GrafTech International was the largest detractor on an
absolute basis. The company's attempts to raise pricing appear to have cost them
market share for 2005 but we owned the stock at the end of the period.
Within Materials, Smurfit-Stone Container was a significant detractor from
performance on absolute basis. The company's earnings came under pressure as a
result of a larger than expected downtime to address inventories. Additionally,
fiber costs were abnormally high due to wet weather which impeded collection and
increased costs. Market conditions have demonstrated seasonal improvement and
with capacity balanced, price improvement should be forthcoming. We owned the
stock at the end of the period.
Partially offsetting the under performance was strong stock selection within
Financials, Consumer Staples, Telecommunications & Media, Health Care, and
Energy. Among the top contributors to returns were Coventry Health Care (Health
Care), Barr Pharmaceuticals (Health Care) and Bunge (Consumer Staples). All
stocks were held as of the end of the period.
WHAT IS THE OUTLOOK?
After a strong start to the year, the economy has now begun what we believe to
be a classic mid-cycle slowdown, in response to higher energy costs and tighter
monetary conditions. We look for GDP growth to slow from the first quarter's
pace of roughly 4% to something closer to 3% in the second quarter and maybe
further towards 2% in the third quarter, before accelerating again
50
- --------------------------------------------------------------------------------
in the fourth quarter. We do not see this correction turning into something more
severe unless either energy costs spike further or there is some kind of
liquidity event or shock to the system. We believe oil prices should pull back
as demand eases and OPEC overproduces, but we do worry about today's tight
credit spreads which have already begun to widen out as turmoil in the domestic
auto industry has served to remind investors that there are still risks worth
paying attention to. As we have commented on in the past, any further shocks
could produce a coiled spring effect on yields and lead to considerable fallout
across the economy.
In light of this outlook, we are especially keen to uncover value in less
cyclical sectors like Health Care and Consumer Staples, as we have with our
exposure to generic pharmaceuticals. We are most underweight in REITs, which are
overvalued along with other high yield segments of the market. We might look to
reestablish a larger position in REITs if they continue to decline to better
valuations. We are cautious on banks given tepid growth prospects and a
relatively flat yield curve. We are most overweight in Information Technology as
we believe there will be further appreciation in the group as chip inventories
are worked through and orders begin to improve. We will look to take profits as
the stocks move up. We are also overweight Consumer Discretionary but have made
some sub-sector shifts within this group. We have sold our homebuilders, have
bought restaurants (which are a relatively more stable area of spending), and
have taken advantage of weakness among the automotive suppliers in response to
efforts by the auto makers to reduce inventories.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- --------------------------------------------------------------------
Basic Materials 12.1%
- --------------------------------------------------------------------
Capital Goods 8.3
- --------------------------------------------------------------------
Consumer Cyclical 14.0
- --------------------------------------------------------------------
Consumer Staples 2.9
- --------------------------------------------------------------------
Energy 4.0
- --------------------------------------------------------------------
Finance 27.1
- --------------------------------------------------------------------
Health Care 6.9
- --------------------------------------------------------------------
Services 6.1
- --------------------------------------------------------------------
Technology 16.5
- --------------------------------------------------------------------
Transportation 2.3
- --------------------------------------------------------------------
Utilities 4.2
- --------------------------------------------------------------------
Other Assets & Liabilities -4.4
- --------------------------------------------------------------------
TOTAL 100.0%
- --------------------------------------------------------------------
</Table>
51
The Hartford Select MidCap Growth Fund
(subadvised by Chartwell Investment Partners, L.P.
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
GROWTH
OF
CAPITAL.
Goldman Sachs Asset Management, L.P.
Northern Capital Management, LLC)
PERFORMANCE OVERVIEW(3) 1/1/05 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
SELECT MIDCAP GROWTH FUND RUSSELL MIDCAP GROWTH
------------------------- ---------------------
1/1/05 9550.00 10000.00
1/05 9265.00 9732.00
2/05 9370.00 9978.00
3/05 9246.00 9833.00
4/05 8810.00 9443.00
</Table>
<Table>
--- SELECT MIDCAP GROWTH FUND --- RUSSELL MIDCAP GROWTH INDEX
$9,550 starting value $10,000 starting value
$8,810 ending value $9,443 ending value
</Table>
RUSSELL MIDCAP GROWTH INDEX is an unmanaged index measuring the performance of
the mid-size company segment of the U.S. market.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE SINCE INCEPTION
- ------------------------------------------------------------
Select MidCap Gro A# 1/1/2005 -7.75%
- ------------------------------------------------------------
Select MidCap Gro A## 1/1/2005 -12.86%
- ------------------------------------------------------------
Select MidCap Gro B# 1/1/2005 -8.05%
- ------------------------------------------------------------
Select MidCap Gro B## 1/1/2005 -12.65%
- ------------------------------------------------------------
Select MidCap Gro C# 1/1/2005 -8.05%
- ------------------------------------------------------------
Select MidCap Gro C## 1/1/2005 -8.97%
- ------------------------------------------------------------
Select MidCap Gro Y# 1/1/2005 -7.65%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
<Table>
CHARTWELL INVESTMENT PARTNERS, L.P. GOLDMAN SACHS ASSET MANAGEMENT, L.P. NORTHERN CAPITAL MANAGEMENT, LLC
Herbert E. Ehlers,
Edward N. Antoian, Managing Director and Co-Chief Investment Daniel T. Murphy,
Senior Portfolio Manager Officer President and Chief Investment Officer
David G. Shell, Brian A. Hellmer,
Mark J. Cunneen, Managing Director and Co-Chief Investment Senior Vice President and Director of
Senior Portfolio Manager Officer Research
Steven M. Berry,
Managing Director and Co-Chief Investment
Officer
Gregory H. Ekizian,
Managing Director and Co-Chief Investment
Officer
</Table>
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the period January 1, 2005 (inception) through April 30, 2005, the Hartford
Mid Cap Growth Fund Class A had a total return, before sales charges, of -7.75%.
Over the same period, the Fund's benchmark, the Russell Midcap Growth Index,
returned -5.57%.
WHY DID THE FUND PERFORM THIS WAY?
For the period January 1st, 2005, to April 30th, 2005, all of the major equity
indices posted negative returns. Large caps outperformed small caps and value
stocks continued to outperform growth stocks. The Russell MidCap Growth index
returned -5.57% during the period, with most sectors in negative territory. The
positive sectors were Energy and Utilities, as production and services companies
continued to benefit from higher energy prices. The weakest sectors in the index
were Technology, as macroeconomic concerns have limited visibility of revenue
and earnings growth of technology companies and Financials.
Overall, Healthcare was the largest detractor to relative performance. In
particular, OSI Pharmaceuticals, Eyetech Pharmaceuticals, Biogen Idec, Inc., and
Amylin Pharmaceuticals Inc. performed poorly. Investors became worried after
Biogen-Idec's drug, Tysabri, was withdrawn from the market after it was cited as
contributing to three deaths. This event highlighted the high risk/reward nature
of biotech investing and the potential risks even for approved drugs. We
subsequently eliminated Biogen Idec from the portfolio as we believed the recent
events impaired the fundamentals of its business and changed the company's
future outlook. Also in Healthcare, we believe the decline in Varian Medical is
short-term and added to our position. However, the continued weakness in
Angiotech Pharmaceuticals was problematic as future earnings
52
- --------------------------------------------------------------------------------
growth expectations are declining and as a result, this position was sold. On
the positive Healthcare side, strong stock selection in Hospital/ Nursing
Management (Community Health Systems), Generic Pharmaceuticals (EON Labs) and
Managed Healthcare (Caremark Rx) helped relative fund performance.
After strong performance earlier in 2005, several of the Fund's Consumer
Discretionary companies pulled back in recent months, including Harman
Industries International and PETCO Animal Supplies. Harman fell on an analyst
downgrade, which claimed the company was experiencing increasing competition and
lost market share. We continue to believe that Harman is the carmaker's choice
for audio products and electronic systems, as we feel it is ahead of the
competition in terms of its software and continues to win major new contracts,
such as Hyundai and Chrysler. Within Consumer Services, stock selection in
Miscellaneous Consumer Services (First Marblehead) also drove underperformance.
On a more positive note, we held a number of very strong performing stocks and
we remain encouraged about our positioning for the remainder of the year.
Celgene gained over 42% based on positive pipeline developments; Affymetrix was
up 26% on the continue strength in the genetic testing market; Nextel Partners
posted record high first quarter earnings and operating results and the stock
gained over 20%; and a new holding, Cameco, gained 11% as one of the World's
leading uranium producers, the company is uniquely positioned to benefit as
consumers look for alternative energy sources.
WHAT IS THE OUTLOOK?
Generally, expectations for returns in 2005 remain muted. It is difficult to
make the case for significant market gains during the year. The comparative
opportunity within our asset class, however, remains considerable. Mid-cap
growth stocks have lagged value stocks significantly in the last several years.
The first four months of 2005 was unfortunately a continuation of this trend. We
expect the market environment will encourage a rotation back toward the more
traditional growth sectors. Despite our style being out of favor, we believe
that our companies continue to look attractive relative to those that have led
the market over the past few years.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 4.3%
- -------------------------------------------------------------------
Capital Goods 3.3
- -------------------------------------------------------------------
Consumer Cyclical 10.1
- -------------------------------------------------------------------
Consumer Staples 0.6
- -------------------------------------------------------------------
Energy 3.0
- -------------------------------------------------------------------
Finance 14.1
- -------------------------------------------------------------------
Health Care 16.2
- -------------------------------------------------------------------
Services 18.6
- -------------------------------------------------------------------
Technology 26.3
- -------------------------------------------------------------------
Transportation 2.6
- -------------------------------------------------------------------
Other Assets & Liabilities 0.9
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
53
The Hartford Short Duration Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
A HIGH
LEVEL
OF
INCOME.
PERFORMANCE OVERVIEW(2) 10/31/02 - 4/30/05
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
10242.00 10495.00
10219.00 10468.00
10236.00 10482.00
10283.00 10542.00
10356.00 10663.00
10345.00 10663.00
10/04 10376.00 10713.00
10329.00 10638.00
10357.00 10680.00
10358.00 10676.00
10349.00 10636.00
10342.00 10610.00
4/05 10403.00 10695.00
</Table>
<Table>
--- SHORT DURATION FUND --- LEHMAN BROTHERS 1-5 YEAR U.S.
$9,700 starting value GOVERNMENT/CREDIT INDEX
$10,403 ending value $10,000 starting value
$10,695 ending value
</Table>
LEHMAN BROTHERS 1-5 YEAR U.S. GOVERNMENT/CREDIT INDEX is an unmanaged index
comprised of the U.S. Government/Credit component of the U.S. Aggregate Index.
The Government/Credit Index includes securities in the 1-5 year maturity range
in the Government and Credit Indices.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Short Duration A# 10/31/2002 1.58% 2.84%
- ------------------------------------------------------------------
Short Duration A## 10/31/2002 -1.45% 1.60%
- ------------------------------------------------------------------
Short Duration B# 10/31/2002 0.85% 2.13%
- ------------------------------------------------------------------
Short Duration B## 10/31/2002 -4.09% 0.96%
- ------------------------------------------------------------------
Short Duration C# 10/31/2002 0.85% 2.13%
- ------------------------------------------------------------------
Short Duration C## 10/31/2002 -0.14% 2.13%
- ------------------------------------------------------------------
Short Duration Y# 11/28/2003 1.78% 3.03%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
N/A Not Applicable
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGERS
ROBERT CRUSHA, CFA
Vice President
BRIAN DIRGINS, CFA
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the period ended April 30, 2005, The Hartford Short Duration Fund Class A
placed in the 2nd quartile of its Lipper peer group with a total return, before
sales charge, of 0.26% versus the 0.36% for the Lipper peer group and a return
of -0.17% for the Lehman Brothers 1-5 Year U.S. Government/Credit Index.
The primary objective of The Hartford Short Duration Fund is to provide a high
level of income. As of April 30, 2005, the SEC yield for this Fund's Class A
share was 4.20%.
WHY DID THE FUND PERFORM THIS WAY?
The Federal Reserve continued on its tightening cycle, raising interest rates by
25 basis points at each of the Federal Open Market Committee meetings. The
effect, however, has been a flattening of the yield curve, which became more
dramatic during 2005. The 2 year Treasury rose by 110 basis points the 5 year
Treasury rose by 61 basis points while the 30 year Treasury declined by 28 basis
points.
During the period, we shortened duration due to our concern that short rates
were likely to continue rising, which proved beneficial. We also reduced our
position in nominal U.S. Treasurys in favor of Treasury Inflation Protected
sector as we felt they offered better risk/reward characteristics and to benefit
from the attractive seasonal accruals we expected over the coming months.
Allocations to the mortgage and corporate sectors were reduced in favor of Asset
Backed Securities (ABS) and Commercial Mortgage Backed Securities (CMBS). We
felt ABS and CMBS offered better relative value due to stable credit quality.
They also have a widening investor base that can support valuations for the
foreseeable future. In addition, corporate bonds have been volatile over the
past few months. Reducing our corporate exposure, as well as judicious security
selection within the corporate sector assisted performance.
WHAT IS YOUR OUTLOOK?
U.S. Treasury market sentiment continues to swing between worries about slowing
domestic economic growth and equal worries over increasing inflation. As
economic data is released reflecting slowing economic growth, interest rates
decline. Conversely, when data reflects an uptick in inflationary pressures,
interest rates increase. Given our expectations for continued growth in economic
activity, although not at the 3.8-4.0% range that we saw in the second half of
2004, we expect the Federal Reserve to continue it's measured pace of interest
rate increases. Accordingly, we expect to maintain a duration that is short of
the benchmark.
54
- --------------------------------------------------------------------------------
After a lengthy period in which credit spreads compressed to historically tight
levels due to the benign credit environment, credit concerns have come to the
forefront in the first quarter of 2005. The negative news on both GM and Ford
have increased the risk premium in the credit markets, making security selection
more important than ever. The Corporate market has begun to react poorly to the
slightest headline noise. We expect ABS and CMBS to continue to provide low
volatility as compared to corporate bonds.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 30.3%
- -------------------------------------------------------------------
AA 3.6
- -------------------------------------------------------------------
A 28.6
- -------------------------------------------------------------------
BBB 37.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 2.5%
- -------------------------------------------------------------------
Capital Goods 2.5
- -------------------------------------------------------------------
Consumer Cyclical 4.1
- -------------------------------------------------------------------
Consumer Staples 1.5
- -------------------------------------------------------------------
Energy 1.4
- -------------------------------------------------------------------
Finance 55.7
- -------------------------------------------------------------------
Health Care 0.2
- -------------------------------------------------------------------
Services 3.9
- -------------------------------------------------------------------
Technology 3.9
- -------------------------------------------------------------------
Transportation 1.7
- -------------------------------------------------------------------
U.S. Government Agencies 5.4
- -------------------------------------------------------------------
U.S. Government Securities 14.0
- -------------------------------------------------------------------
Utilities 2.1
- -------------------------------------------------------------------
Other Assets & Liabilities 1.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
55
The Hartford Small Company Fund**
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
GROWTH
OF
CAPITAL.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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 11860.00
19317.00 12483.00
19342.00 12464.00
19716.00 12522.00
18696.00 11894.00
19031.00 12130.00
19454.00 12534.00
17851.00 11409.00
17079.00 11164.00
18408.00 11781.00
10/04 18743.00 12067.00
19812.00 13087.00
20681.00 13557.00
19550.00 12947.00
20195.00 13124.00
19923.00 12632.00
4/05 19066.00 11828.00
</Table>
<Table>
--- SMALL COMPANY FUND --- RUSSELL 2000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$19,066 ending value $11,828 ending value
</Table>
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ----------------------------------------------------------
Small Co A# 7/22/1996 1.99% -4.54% 8.34%
- ----------------------------------------------------------
Small Co A## 7/22/1996 -3.64% -5.62% 7.64%
- ----------------------------------------------------------
Small Co B# 7/22/1996 1.20% -5.23% NA*
- ----------------------------------------------------------
Small Co B## 7/22/1996 -3.80% -5.58% NA*
- ----------------------------------------------------------
Small Co C# 7/22/1996 1.27% -5.21% 7.61%
- ----------------------------------------------------------
Small Co C## 7/22/1996 0.27% -5.21% 7.61%
- ----------------------------------------------------------
Small Co Y# 7/22/1996 2.42% -4.09% 8.85%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Class B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
** As of August 16, 2004, the fund no longer offers Class A, B
and C shares except as follows. The fund will continue to
offer and sell shares: (1) through ACH and other similar
systematic investment facilities to investors who
established plans to invest through such facilities prior to
August 16, 2004 and (2) for reinvestment of capital gains
distributions and income dividends, and (3) to certain
qualified retirement plans that included (or offered) the
fund as an investment option prior to August 16, 2004.
The fund continues to pay 12b-1 fees. These fees are paid
for ongoing shareholder services, to compensate brokers for
past sales and to reimburse the fund's distributor for
commissions paid in connection with past sales.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
STEVEN C. ANGELI, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Small Company Fund Class A, before sales charge, returned 1.72% for
the six-month period ended April 30, 2005. The Fund outperformed the -1.98%
return of the Russell 2000 Growth Index and the -0.79% return of the Lipper
Small Cap Growth peer group average.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's outperformance relative to the benchmark during the period was driven
by superior stock selection within several sectors. Consumer Discretionary,
Financials and Energy were areas of particular strength, as many of our holdings
advanced. Within Consumer Discretionary, Sirius Satellite (Media), Electronics
Boutique (Retailing) and Men's Wearhouse (Retailing) were the greatest
contributors. We were early believers in satellite radio, and Sirius Satellite
finally brought the product into primetime by hiring radio star Howard Stern
away from Viacom. The stock advanced sharply, topped out at $10 billion in
market capitalization, and finally was sold from the Fund. Within Financials, CB
Richard Ellis (Real Estate) benefited from strong 2004 results and a positive
2005 outlook. The company is leveraged to an improving commercial real estate
market, which is only now starting to cycle upward. Lastly, Italian-based Energy
company, ERG, was the leading contributor within that sector.
Stocks that detracted from performance during the six-month period include
AtheroGenics (Pharmaceuticals & Biotechnology), Sirva (Commercial Services and
Supplies) and Graftech International (Capital Goods). As of the end of the
period, we did not own Sirva and Graftech International in the Fund.
Although the Fund's sector allocations are a fallout of our bottom-up investment
approach, our positioning during the period was additive to benchmark-relative
returns. For example, we benefited from our underweight allocation to the
Information Technology
56
- --------------------------------------------------------------------------------
sector, which retreated, and our overweight allocation to the stronger
performing Energy and Consumer Discretionary sectors.
WHAT IS THE OUTLOOK?
With the Federal Reserve raising interest rates to fight inflation and subdue an
extended rise in the housing market, the U.S. economy is unlikely to escape the
effects of a global slowdown. We have seen signs of decelerating growth among
the Fund's Industrial holdings, and for the last six months we have been
positioned to weather a storm of slower economic growth and higher inflation. We
have been adding companies with more stable but growing revenue sources in
industries such as Health Care and Business Services. These positions are
bolstered by several special companies that should show extraordinary growth in
these ordinary times.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 6.8%
- -------------------------------------------------------------------
Capital Goods 1.8
- -------------------------------------------------------------------
Consumer Cyclical 19.7
- -------------------------------------------------------------------
Consumer Staples 1.0
- -------------------------------------------------------------------
Energy 3.4
- -------------------------------------------------------------------
Finance 37.5
- -------------------------------------------------------------------
Health Care 14.2
- -------------------------------------------------------------------
Services 16.4
- -------------------------------------------------------------------
Technology 22.1
- -------------------------------------------------------------------
Transportation 2.2
- -------------------------------------------------------------------
Utilities 1.6
- -------------------------------------------------------------------
Other Assets & Liabilities -26.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
57
The Hartford SmallCap Growth Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
TO
MAXIMIZE
SHORT-
AND
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(1,3) 4/30/95 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
SMALLCAP GROWTH FUND RUSSELL 2000 GROWTH INDEX
-------------------- -------------------------
4/95 9450.00 10000.00
9504.00 10131.00
10368.00 10829.00
11659.00 11673.00
11782.00 11816.00
12412.00 12060.00
10/95 11928.00 11466.00
12208.00 11972.00
11988.00 12238.00
11787.00 12136.00
12569.00 12690.00
12883.00 12941.00
14067.00 13935.00
14756.00 14649.00
13792.00 13697.00
12391.00 12025.00
13456.00 12915.00
14377.00 13580.00
10/96 13355.00 12994.00
13351.00 13356.00
12819.00 13616.00
12620.00 13957.00
11102.00 13114.00
10125.00 12188.00
9878.00 12046.00
11733.00 13857.00
12017.00 14327.00
12722.00 15060.00
12394.00 15512.00
13224.00 16750.00
10/97 12616.00 15743.00
12661.00 15369.00
13013.00 15378.00
12580.00 15173.00
14074.00 16513.00
14978.00 17207.00
15091.00 17312.00
14317.00 16053.00
14897.00 16217.00
13694.00 14863.00
10701.00 11432.00
11442.00 12592.00
10/98 12187.00 13249.00
13726.00 14277.00
15596.00 15569.00
16704.00 16270.00
14590.00 14781.00
15645.00 15307.00
16228.00 16659.00
16346.00 16685.00
18610.00 17565.00
18851.00 17022.00
19290.00 16385.00
20194.00 16702.00
10/99 23175.00 17129.00
26052.00 18940.00
32975.00 22277.00
33616.00 22070.00
46938.00 27205.00
41999.00 24346.00
35166.00 21887.00
30282.00 19970.00
37529.00 22550.00
34746.00 20617.00
41634.00 22786.00
39278.00 21654.00
10/00 35710.00 19896.00
25430.00 16283.00
28374.00 17279.00
28916.00 18677.00
23484.00 16116.00
20985.00 14651.00
22893.00 16445.00
22874.00 16826.00
23745.00 17286.00
22012.00 15811.00
20569.00 14823.00
16744.00 12430.00
10/01 18438.00 13626.00
20526.00 14764.00
22141.00 15684.00
21412.00 15126.00
20221.00 14147.00
22308.00 15376.00
21353.00 15044.00
19857.00 14164.00
18006.00 12963.00
15564.00 10971.00
15486.00 10965.00
14196.00 10173.00
10/02 15328.00 10688.00
17051.00 11747.00
15702.00 10937.00
15180.00 10639.00
14491.00 10355.00
14659.00 10512.00
16047.00 11506.00
17937.00 12803.00
18400.00 13050.00
19620.00 14036.00
20989.00 14790.00
20999.00 14416.00
10/03 22554.00 15662.00
23115.00 16172.00
23440.00 16244.00
24838.00 17097.00
24799.00 17072.00
24602.00 17152.00
23519.00 16291.00
23765.00 16615.00
24543.00 17168.00
22544.00 15627.00
22249.00 15291.00
23470.00 16136.00
10/04 24218.00 16528.00
25872.00 17925.00
26984.00 18568.00
25783.00 17733.00
26502.00 17976.00
26167.00 17302.00
4/05 24956.00 16201.00
</Table>
<Table>
--- SMALLCAP GROWTH FUND --- RUSSELL 2000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$24,956 ending value $16,201 ending value
</Table>
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.
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.
PORTFOLIO MANAGERS
DAVID J. ELLIOTT, CFA
Vice President
DORIS T. DWYER
Vice President
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- --------------------------------------------------------------------
SmallCap A# 1/4/1988 6.11% -6.63% 10.20% 12.25%
- --------------------------------------------------------------------
SmallCap A## 1/4/1988 0.28% -7.68% 9.58% 11.88%
- --------------------------------------------------------------------
SmallCap B# 11/14/1994 5.41% -7.20% NA* NA*
- --------------------------------------------------------------------
SmallCap B## 11/14/1994 0.41% -7.46% NA* NA*
- --------------------------------------------------------------------
SmallCap C# 11/14/1994 5.41% -7.23% NA 9.93%
- --------------------------------------------------------------------
SmallCap C## 11/14/1994 4.41% -7.23% NA 9.93%
- --------------------------------------------------------------------
SmallCap H# 11/14/1994 5.53% -7.16% NA* NA*
- --------------------------------------------------------------------
SmallCap H## 11/14/1994 1.53% -7.41% NA* NA*
- --------------------------------------------------------------------
SmallCap L# 1/4/1988 6.24% -6.61% 10.21% 12.25%
- --------------------------------------------------------------------
SmallCap L## 1/4/1988 1.20% -7.51% 9.68% 11.94%
- --------------------------------------------------------------------
SmallCap M# 11/14/1994 5.59% -7.14% NA* NA*
- --------------------------------------------------------------------
SmallCap M## 11/14/1994 1.59% -7.40% NA* NA*
- --------------------------------------------------------------------
SmallCap N# 11/14/1994 5.58% -7.16% NA 9.97%
- --------------------------------------------------------------------
SmallCap N## 11/14/1994 4.58% -7.16% NA 9.97%
- --------------------------------------------------------------------
SmallCap Y# 2/19/2002 6.64% NA NA 6.96%
- --------------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes L, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, H, L, M, N
and Y shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Small Cap Growth Fund Class A, before sales charge, returned 3.05%
for the six-month period ended April 30, 2005. The Fund outperformed the Russell
2000 Growth Index, which declined 1.98%, the Lipper Small-Cap Growth average,
which declined 0.79%, as well as the Lipper Small-Cap Core average (the Fund's
current peer group), which gained 1.87%.
WHY DID THE FUND PERFORM THIS WAY?
Superior stock selection within all economic sectors drove outperformance
relative to the benchmark. Information Technology, Industrials and Consumer
Discretionary were the areas of greatest strength relative to the benchmark.
Shares of United Defense Industries (Capital Goods) were the largest contributor
to the Fund's gain during the period as a result of $75 per share buyout offer
of BAE Systems, the largest UK defense company. The buyout (all cash offer) was
at more than a 40% premium to the prior night's close. We sold United Defense
during the period. Within Information Technology, Comtech Telecommunications
(Technology Hardware & Equipment) was a major contributor, as a result of
exceeding earnings estimates. Other strong performers during the period were
Standard Pacific (Consumer Durables & Apparel), which advanced on higher
earnings and increased guidance, and Frontier Oil (Energy), which benefited from
rising oil prices.
Weakness in some of the Fund's Financials, Health Care and Information
Technology holdings partially offset these results. R&G Financial (Banks)
declined as a result of earnings restatements and an SEC investigation. We did
not own the stock as of the end of the period. Within Health Care, NPS
Pharmaceuticals (Pharmaceuticals & Biotechnology) was negatively impacted by
concerns over its osteoporosis drug, Preos. Lastly, Information Technology
holding Cabot Microelectronics (Semiconductors & Semiconductor Equipment)
declined as a result of lower than expected earnings.
WHAT IS THE OUTLOOK?
Our current outlook for 2005 is for a slowing from the 4.4% growth in 2004 to
around 3%. In our view, this will be driven by slower growth in consumer
spending due to higher energy costs
58
- --------------------------------------------------------------------------------
and higher gasoline prices. In addition, slower job growth and tight fiscal
policy are also likely to dampen consumer spending. We do however expect decent
albeit slower growth in corporate profits and business investment.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 6.0%
- -------------------------------------------------------------------
Capital Goods 2.9
- -------------------------------------------------------------------
Consumer Cyclical 11.6
- -------------------------------------------------------------------
Energy 4.0
- -------------------------------------------------------------------
Finance 22.6
- -------------------------------------------------------------------
Health Care 18.3
- -------------------------------------------------------------------
Services 17.2
- -------------------------------------------------------------------
Technology 24.7
- -------------------------------------------------------------------
Transportation 2.2
- -------------------------------------------------------------------
Utilities 0.6
- -------------------------------------------------------------------
Other Assets & Liabilities -10.1
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
59
The Hartford Stock Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
GROWTH
OF
CAPITAL,
WITH
INCOME
AS A
SECONDARY
CONSIDERATION.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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
17527.00 19693.00
17755.00 19963.00
18138.00 20351.00
17465.00 19677.00
17465.00 19756.00
17383.00 19969.00
10/04 17341.00 20275.00
17889.00 21094.00
18473.00 21811.00
18129.00 21279.00
18504.00 21725.00
17953.00 21341.00
4/05 17775.00 20935.00
</Table>
<Table>
--- STOCK FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$17,775 ending value $20,935 ending value
</Table>
S&P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -------------------------------------------------------
Stock A# 7/22/1996 1.41% -5.43% 7.47%
- -------------------------------------------------------
Stock A## 7/22/1996 -4.19% -6.49% 6.78%
- -------------------------------------------------------
Stock B# 7/22/1996 0.56% -6.13% NA*
- -------------------------------------------------------
Stock B## 7/22/1996 -4.44% -6.49% NA*
- -------------------------------------------------------
Stock C# 7/22/1996 0.69% -6.02% 6.75%
- -------------------------------------------------------
Stock C## 7/22/1996 -0.31% -6.02% 6.75%
- -------------------------------------------------------
Stock Y# 7/22/1996 2.00% -4.90% 8.01%
- -------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Classes B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
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 2.50% for the
six-month period ended April 30, 2005, in line with average return of 2.52% by
its Lipper Large Cap Core peer group, and behind the 3.28% return of its
benchmark, the S&P 500 Index.
WHY DID THE FUND PERFORM THIS WAY?
The Fund trailed the S&P 500 Index because positive sector allocation decisions
were offset by relatively weak stock selection in certain sectors. The Fund
benefited from being overweight in the strong performing Energy and Health Care
sectors and by having no exposure to the poor-performing Telecommunications
Services sector. The Fund was held back slightly, however, by not having
exposure to Utilities stocks. Utility stocks were the strongest area of the
market during the period.
Stock selection in Health Care, Financials, and Energy contributed to the Fund's
underperformance relative to the benchmark. The largest detractors from absolute
results during the period were American International Group (AIG) (Insurance),
Home Depot (Retailing), and Fannie Mae (Banks). Each stock remained in the
portfolio at the end of the period. AIG declined after investigations into
accounting and business practices, which led to the resignation of their
longtime CEO, Hank Greenberg. Home Depot suffered from fears that sustained high
energy prices and rising interest rates would dampen consumer spending. Fannie
Mae declined due to concerns regarding regulatory scrutiny of accounting
practices.
Areas of strength during the period included strong stock selection in
Information Technology, Industrials, and Consumer Discretionary as well as solid
performance from holdings Exxon Mobil (Energy) , General Electric (Capital
Goods), and Gillette (Household and Personal Products). Exxon Mobil was well-
positioned in the environment of high energy prices. General Electric is
executing well across several of their business units. Gillette shares rose
sharply after Procter & Gamble announced their plans to acquire the company.
WHAT IS THE OUTLOOK?
On May 1, 2005, Steven T. Irons and Saul J. Pannell replaced Rand L. Alexander
as managers of The Hartford Stock Fund; Mr. Alexander is retiring from
Wellington Management Company, LLP. Mr. Irons and Mr. Pannell are both
experienced investment professionals who have successful track records with The
Hartford funds. Mr. Irons has been involved with The Hartford Value Fund and The
Hartford Equity Income Fund investment team and Mr. Pannell has been portfolio
manager for The Hartford Capital Appreciation Fund.
60
- --------------------------------------------------------------------------------
Mr. Irons and Mr. Pannell will continue to manage the fund with a large cap,
core approach. They will apply a bottom-up investment process in constructing a
diversified portfolio. They will look for companies that exhibit the following
qualities: industry leadership, strong balance sheets, solid management, high
return on equity, accelerating earnings, and/or attractive valuation with a
catalyst.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 5.0%
- -------------------------------------------------------------------
Capital Goods 6.6
- -------------------------------------------------------------------
Consumer Cyclical 8.5
- -------------------------------------------------------------------
Consumer Staples 9.6
- -------------------------------------------------------------------
Energy 10.7
- -------------------------------------------------------------------
Finance 22.3
- -------------------------------------------------------------------
Health Care 15.3
- -------------------------------------------------------------------
Services 3.8
- -------------------------------------------------------------------
Technology 21.7
- -------------------------------------------------------------------
Utilities 0.2
- -------------------------------------------------------------------
Other Assets & Liabilities -3.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
61
The Hartford Tax-Free California Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
CURRENT
INCOME
EXEMPT
FROM
BOTH
FEDERAL
AND
CALIFORNIA
INCOME
TAX.
PERFORMANCE OVERVIEW(2) 10/31/02 - 4/30/05
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 10000
9476 9985
9718 10166
9620 10116
9814 10269
9805 10274
9863 10562
10116 10630
10000 10549
9437 10152
9540 10234
9869 10529
10/03 9842 10491
9990 10618
10087 10704
10142 10770
10337 10948
10319 10923
10018 10652
9970 10611
10023 10679
10189 10821
10478 11058
10541 11116
10/04 10643 11231
10550 11149
10706 11293
10831 11421
10790 11386
10727 11310
4/05 10925 11448
</Table>
<Table>
--- TAX-FREE CALIFORNIA FUND --- LEHMAN BROTHERS CALIFORNIA MUNICIPAL
$9,550 starting value BOND INDEX
$10,925 ending value $10,000 starting value
$11,448 ending value
</Table>
LEHMAN BROTHERS CALIFORNIA MUNICIPAL BOND INDEX is an unmanaged index of
municipal bonds issued by the State of California with maturities greater than
two years.
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.
PORTFOLIO MANAGER
Charles Grande
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR INCEPTION
- ----------------------------------------------------
California A# 10/31/2002 9.05% 5.52%
- ----------------------------------------------------
California A## 10/31/2002 4.11% 3.60%
- ----------------------------------------------------
California B# 10/31/2002 8.26% 4.74%
- ----------------------------------------------------
California B## 10/31/2002 3.26% 3.61%
- ----------------------------------------------------
California C# 10/31/2002 8.14% 4.81%
- ----------------------------------------------------
California C## 10/31/2002 7.14% 4.81%
- ----------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford California Fund
Class A placed in the 1st quartile of its Lipper peer group with a total return,
before sales charge, of 2.63% versus the 2.20% for the Lipper peer group and a
return of 2.35% for the Lehman Brothers California Municipal Bond 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, 2005, the SEC yield for the Fund's Class A shares was 3.00%.
WHY DID THE FUND PERFORM THIS WAY?
Over the period, Fund performance benefited from a year end rally, especially in
longer maturities, where the Fund has an overweight. As the new year has
progressed, the combination of exposure to longer dated bonds and an underweight
to the short end of the curve benefited performance as a result of a front-end
driven flattening of the yield curve. The Fund also benefited from an overweight
to revenue bonds and from actively trading in an out of the California general
obligation debt as credit spreads have been volatile during this period.
Additionally, we continued to focus on purchasing premium bonds. Premium bonds
tend to outperform general market bonds as rates rise. We maintained an
overweight to revenue bonds, especially high yield revenue bonds, for
incremental yield. Over the last six months high yield credit spreads have
tightened considerably. The Fund held an overweight to health care and special
assessment bonds with strong credit profiles. Within health care, we
opportunistically added exposure when we felt we were being compensated for the
risk. With increasing concerns about a potential bubble in the housing market,
however, we have become more selective in adding exposure to special tax bonds,
especially California special tax housing bonds. Our analysis has indicated that
tobacco bonds are poised to outperform general market credits. Improving
conditions in the tobacco litigation environment provided an opportunity to add
tobacco bonds to the portfolio for performance and additional yield.
WHAT IS YOUR OUTLOOK?
California State revenue for the first 10 months of the fiscal year (through
April) was $4.4 billion above budget. The State's continuing recovery has
generated substantial additional revenue attributable to improved stock market
returns (capital gains taxes) and business growth. California still faces an
estimated $8 billion current year budget gap, but a marked improvement over
recent historic deficits, peaking in fiscal year 2003 at $15.4 billion. Credit
spreads in the State debt have tightened considerably, reflective of fundamental
credit improvement.
62
- --------------------------------------------------------------------------------
Due to significant spread tightening over the past months, we remain increasing
selective when purchasing high yield credits and are less sanguine about the
outlook for high yield debt. Overall issuance has exceeded expectations as
issuers take advantage of lower long term yields and municipalities. In the long
term we believe municipal performance will be greatly influenced by technical
factors and expect municipal bonds will outperform last in the year as supply
begins to wane. In the short term, we anticipate additional issuance as
authorized bond issuance is brought to market prior to the fiscal year end, and
thus municipal performance could be volatile over the next few months.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 32.5%
- -------------------------------------------------------------------
A 10.2
- -------------------------------------------------------------------
BBB 20.9
- -------------------------------------------------------------------
NR 36.4
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Finance 2.0%
- -------------------------------------------------------------------
General Obligations 17.9
- -------------------------------------------------------------------
Health Care/Services 8.4
- -------------------------------------------------------------------
Higher Education (Univ., Dorms, etc.) 17.8
- -------------------------------------------------------------------
Housing (HFA's, etc.) 3.6
- -------------------------------------------------------------------
Land Development 8.7
- -------------------------------------------------------------------
Miscellaneous 17.9
- -------------------------------------------------------------------
Pollution Control 1.4
- -------------------------------------------------------------------
Public Facilities 9.8
- -------------------------------------------------------------------
Utilities -- Combined 1.6
- -------------------------------------------------------------------
Utilities -- Gas 1.8
- -------------------------------------------------------------------
Utilities -- Water and Sewer 8.2
- -------------------------------------------------------------------
Waste Disposal 2.2
- -------------------------------------------------------------------
Other Assets & Liabilities -1.3
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
63
The Hartford Tax-Free Minnesota Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
CURRENT
INCOME
EXEMPT
FROM
BOTH
FEDERAL
INCOME
TAX AND
MINNESOTA
STATE
PERSONAL
INCOME
TAX.
PERFORMANCE OVERVIEW(1,3) 4/30/95 - 4/30/05
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
----------------------- ------------------------------
4/30/95 9550.00 10000.00
9821.00 10319.00
9724.00 10229.00
9789.00 10326.00
9881.00 10457.00
9926.00 10523.00
10/95 10068.00 10676.00
10210.00 10853.00
10313.00 10957.00
10357.00 11040.00
10285.00 10966.00
10152.00 10825.00
10127.00 10795.00
10132.00 10791.00
10227.00 10908.00
10312.00 11007.00
10297.00 11004.00
10423.00 11158.00
10/96 10509.00 11284.00
10657.00 11491.00
10621.00 11443.00
10625.00 11464.00
10712.00 11569.00
10571.00 11415.00
10658.00 11511.00
10798.00 11684.00
10907.00 11808.00
11165.00 12136.00
11042.00 12022.00
11163.00 12165.00
10/97 11231.00 12243.00
11289.00 12315.00
11446.00 12494.00
11546.00 12623.00
11528.00 12627.00
11531.00 12638.00
11469.00 12581.00
11648.00 12780.00
11684.00 12831.00
11710.00 12863.00
11936.00 13062.00
12084.00 13225.00
10/98 12031.00 13224.00
12080.00 13271.00
12105.00 13304.00
12221.00 13462.00
12165.00 13403.00
12154.00 13422.00
12190.00 13455.00
12095.00 13378.00
11941.00 13185.00
11975.00 13233.00
11891.00 13127.00
11878.00 13132.00
10/99 11745.00 12990.00
11853.00 13128.00
11793.00 13030.00
11733.00 12974.00
11880.00 13124.00
12076.00 13411.00
12005.00 13332.00
11933.00 13263.00
12197.00 13614.00
12349.00 13803.00
12527.00 14016.00
12456.00 13943.00
10/00 12598.00 14095.00
12690.00 14202.00
13036.00 14553.00
13116.00 14697.00
13171.00 14744.00
13262.00 14876.00
13083.00 14715.00
13239.00 14873.00
13314.00 14973.00
13510.00 15195.00
13709.00 15445.00
13649.00 15393.00
10/01 13831.00 15576.00
13658.00 15445.00
13518.00 15299.00
13711.00 15564.00
13781.00 15752.00
13548.00 15443.00
13798.00 15745.00
13864.00 15841.00
14024.00 16009.00
14185.00 16216.00
14334.00 16410.00
14632.00 16769.00
10/02 14337.00 16491.00
14235.00 16422.00
14570.00 16768.00
14502.00 16726.00
14723.00 16961.00
14711.00 16971.00
14771.00 17083.00
15165.00 17483.00
15082.00 17407.00
14477.00 16798.00
14568.00 16924.00
15055.00 17422.00
10/03 14944.00 17335.00
15120.00 17515.00
15268.00 17660.00
15330.00 17761.00
15567.00 18027.00
15542.00 17964.00
15165.00 17538.00
15126.00 17475.00
15160.00 17538.00
15358.00 17770.00
15675.00 18125.00
15771.00 18221.00
10/04 15895.00 18378.00
15746.00 18227.00
15948.00 18450.00
16074.00 18621.00
16014.00 18560.00
15908.00 18443.00
4/05 16140.00 18734.00
</Table>
<Table>
--- TAX-FREE MINNESOTA FUND --- LEHMAN BROTHERS MUNICIPAL BOND INDEX
$9,550 starting value $10,000 starting value
$16,140 ending value $18,734 ending value
</Table>
LEHMAN BROTHERS MUNICIPAL BOND INDEX is an unmanaged index of municipal bonds
with maturities greater than two years.
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.
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- -----------------------------------------------------------------------
Minnesota A# 6/2/1986 6.43% 6.10% 5.39% 6.09%
- -----------------------------------------------------------------------
Minnesota A## 6/2/1986 1.61% 5.13% 4.90% 5.84%
- -----------------------------------------------------------------------
Minnesota B# 11/14/1994 5.66% 5.37% NA* NA*
- -----------------------------------------------------------------------
Minnesota B## 11/14/1994 0.66% 5.04% NA* NA*
- -----------------------------------------------------------------------
Minnesota C# 11/14/1994 5.75% 5.34% NA 5.11%
- -----------------------------------------------------------------------
Minnesota C## 11/14/1994 4.75% 5.34% NA 5.11%
- -----------------------------------------------------------------------
Minnesota E# 6/2/1986 6.53% 6.40% 5.53% 6.17%
- -----------------------------------------------------------------------
Minnesota E## 6/2/1986 1.73% 5.42% 5.05% 5.91%
- -----------------------------------------------------------------------
Minnesota H# 11/14/1994 5.74% 5.41% NA* NA*
- -----------------------------------------------------------------------
Minnesota H## 11/14/1994 1.74% 5.08% NA* NA*
- -----------------------------------------------------------------------
Minnesota L# 11/14/1994 6.41% 6.19% NA 5.92%
- -----------------------------------------------------------------------
Minnesota L## 11/14/1994 1.60% 5.22% NA 5.46%
- -----------------------------------------------------------------------
Minnesota M# 11/14/1994 5.74% 5.46% NA* NA*
- -----------------------------------------------------------------------
Minnesota M## 11/14/1994 1.74% 5.13% NA* NA*
- -----------------------------------------------------------------------
Minnesota N# 11/14/1994 5.64% 5.46% NA 5.14%
- -----------------------------------------------------------------------
Minnesota N## 11/14/1994 4.64% 5.46% NA 5.14%
- -----------------------------------------------------------------------
Minnesota Y# 2/19/2002 6.44% NA NA 5.47%
- -----------------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes E, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Class A, E and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, E, H, L, M,
N and Y shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Tax-Free Minnesota
Fund Class A placed in the 2nd quartile of its Lipper peer group with a total
return, before sales charge, of 1.54% versus a return of 1.69% for the Lipper
per group and 1.95% for the Lehman Brothers Municipal Bond Index.
The primary objective of The Hartford Tax-Free Minnesota Fund is to provide
current income exempt from both federal tax and Minnesota state personal income
tax. As of April 30, 2005, the SEC yield for this Fund's Class A shares was
2.88%.
WHY DID THE FUND PERFORM THIS WAY?
For most of the period, the Fund's duration was shorter than the peer group,
leading to some under performance during the market rally, which occurred during
the later half of last year. Fund performance continued to struggle in the first
half of the new year because of a lack of exposure to better performing long
maturity securities. This has been especially true as the curve has flattened
with the rise in short term rates and little movement in very long maturities.
We have continued to focus on premium bonds. Premium bonds tend to outperform
general market bonds as rates rise. We also continued to overweight revenue
sector bonds for the extra yield they offer and as we felt they were poised to
outperform. Spreads in fact narrowed on revenue bonds, helping to bolster
performance. In addition, the Fund was overweight in select bonds with strong
credit profiles in education, including charter schools and leasing bonds,
helping to add to performance and yield. While the lack of issuance in the State
of Minnesota has proven to be a challenge, we were able to purchase bonds, such
as United Hospital District bonds backed by property taxes and Augsburg College
bonds, both of which were higher yielding bonds.
WHAT IS YOUR OUTLOOK?
Across all states, revenue collections grew at a rate of 7.8% during the fourth
quarter of 2004, which ranks as one of the strongest quarters since 1991 and
marks the seventh straight quarter of state revenue growth. Moody's revised its
outlook on the state sector as a whole to stable from negative. Minnesota's
economy has shown strength with unemployment claims in March dropping 12%
year-over-year, with all industry sectors contributing to the decline.
64
- --------------------------------------------------------------------------------
We remain concerned about challenges facing all states such as the growing costs
of Medicaid, education and correctional facilities. Overall issuance continues
to exceed expectations as issuers take advantage of lower long-term yields. In
the long term we believe municipal performance will be greatly influenced by
technical factors and expect municipal bonds will outperform later in the year
as supply begins to wane. In the short term, we anticipate additional issuance
as authorized bond issuance is brought to market prior to the fiscal year end,
and thus municipal performance could be volatile over the next few months.
Finally, we expect credit spreads to remain tight for Minnesota bonds.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 18.6%
- -------------------------------------------------------------------
AA 26.1
- -------------------------------------------------------------------
A 17.5
- -------------------------------------------------------------------
BBB 20.6
- -------------------------------------------------------------------
NR 17.2
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Airport Revenues 3.0%
- -------------------------------------------------------------------
Finance 4.8
- -------------------------------------------------------------------
General Obligations 31.7
- -------------------------------------------------------------------
Health Care/Services 12.9
- -------------------------------------------------------------------
Higher Education (Univ., Dorms, etc.) 4.7
- -------------------------------------------------------------------
Housing (HFA's, etc.) 12.5
- -------------------------------------------------------------------
Miscellaneous 9.7
- -------------------------------------------------------------------
Pollution Control 1.4
- -------------------------------------------------------------------
Public Facilities 2.3
- -------------------------------------------------------------------
Transportation 5.2
- -------------------------------------------------------------------
Utilities -- Combined 0.8
- -------------------------------------------------------------------
Utilities -- Electric 4.4
- -------------------------------------------------------------------
Utilities -- Water and Sewer 4.7
- -------------------------------------------------------------------
Other Assets & Liabilities 1.9
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
65
The Hartford Tax-Free National Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
CURRENT
INCOME
EXEMPT
FROM
FEDERAL
INCOME
TAX.
PERFORMANCE OVERVIEW(1,3) 4/30/95 - 4/30/05
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
---------------------- ------------------------------
4/30/95 9550.00 10000.00
9858.00 10319.00
9703.00 10229.00
9786.00 10326.00
9894.00 10457.00
9938.00 10523.00
10/95 10094.00 10676.00
10306.00 10853.00
10416.00 10957.00
10469.00 11040.00
10363.00 10966.00
10207.00 10825.00
10156.00 10795.00
10161.00 10791.00
10254.00 10908.00
10375.00 11007.00
10352.00 11004.00
10503.00 11158.00
10/96 10617.00 11284.00
10809.00 11491.00
10746.00 11443.00
10742.00 11464.00
10827.00 11569.00
10673.00 11415.00
10760.00 11511.00
10916.00 11684.00
11034.00 11808.00
11394.00 12136.00
11215.00 12022.00
11364.00 12165.00
10/97 11430.00 12243.00
11487.00 12315.00
11684.00 12494.00
11802.00 12623.00
11775.00 12627.00
11758.00 12638.00
11656.00 12581.00
11879.00 12780.00
11902.00 12831.00
11913.00 12863.00
12118.00 13062.00
12269.00 13225.00
10/98 12227.00 13224.00
12261.00 13271.00
12294.00 13304.00
12417.00 13462.00
12340.00 13403.00
12319.00 13422.00
12365.00 13455.00
12254.00 13378.00
12042.00 13185.00
12077.00 13233.00
11965.00 13127.00
11955.00 13132.00
10/99 11785.00 12990.00
11923.00 13128.00
11844.00 13030.00
11776.00 12974.00
11940.00 13124.00
12175.00 13411.00
12097.00 13332.00
12018.00 13263.00
12317.00 13614.00
12476.00 13803.00
12671.00 14016.00
12592.00 13943.00
10/00 12728.00 14095.00
12817.00 14202.00
13220.00 14553.00
13310.00 14697.00
13339.00 14744.00
13450.00 14876.00
13207.00 14715.00
13355.00 14873.00
13451.00 14973.00
13664.00 15195.00
13955.00 15445.00
13873.00 15393.00
10/01 14061.00 15576.00
13877.00 15445.00
13682.00 15299.00
13932.00 15564.00
14063.00 15752.00
13755.00 15443.00
14053.00 15745.00
14173.00 15841.00
14328.00 16009.00
14523.00 16216.00
14706.00 16410.00
15058.00 16769.00
10/02 14746.00 16491.00
14615.00 16422.00
15009.00 16768.00
14906.00 16726.00
15165.00 16961.00
15144.00 16971.00
15274.00 17083.00
15702.00 17483.00
15584.00 17407.00
14867.00 16798.00
15014.00 16924.00
15464.00 17422.00
10/03 15362.00 17335.00
15547.00 17515.00
15712.00 17660.00
15821.00 17761.00
16071.00 18027.00
16039.00 17964.00
15635.00 17538.00
15573.00 17475.00
15627.00 17538.00
15854.00 17770.00
16199.00 18125.00
16297.00 18221.00
10/04 16453.00 18378.00
16315.00 18227.00
16533.00 18450.00
16706.00 18621.00
16640.00 18560.00
16516.00 18443.00
4/05 16809.00 18734.00
</Table>
<Table>
--- TAX-FREE NATIONAL FUND --- LEHMAN BROTHERS MUNICIPAL BOND INDEX
$9,550 starting value $10,000 starting value
$16,809 ending value $18,734 ending value
</Table>
LEHMAN BROTHERS MUNICIPAL BOND INDEX is an unmanaged index of municipal bonds
with maturities greater than two years.
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.
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- ---------------------------------------------------------------
National A# 6/2/1986 7.51% 6.80% 5.82% 6.58%
- ---------------------------------------------------------------
National A## 6/2/1986 2.63% 5.81% 5.33% 6.32%
- ---------------------------------------------------------------
National B# 11/14/1994 6.79% 5.87% NA* NA*
- ---------------------------------------------------------------
National B## 11/14/1994 1.79% 5.55% NA* NA*
- ---------------------------------------------------------------
National C# 11/14/1994 6.77% 5.95% NA 5.59%
- ---------------------------------------------------------------
National C## 11/14/1994 5.77% 5.95% NA 5.59%
- ---------------------------------------------------------------
National E# 6/2/1986 7.69% 6.94% 5.89% 6.62%
- ---------------------------------------------------------------
National E## 6/2/1986 2.80% 5.95% 5.40% 6.36%
- ---------------------------------------------------------------
National H# 11/14/1994 6.76% 5.95% NA* NA*
- ---------------------------------------------------------------
National H## 11/14/1994 2.76% 5.63% NA* NA*
- ---------------------------------------------------------------
National L# 11/14/1994 7.50% 6.71% NA 6.38%
- ---------------------------------------------------------------
National L## 11/14/1994 2.70% 5.72% NA 5.92%
- ---------------------------------------------------------------
National M# 11/14/1994 6.76% 5.93% NA* NA*
- ---------------------------------------------------------------
National M## 11/14/1994 2.76% 5.61% NA* NA*
- ---------------------------------------------------------------
National N# 11/14/1994 6.78% 5.94% NA 5.59%
- ---------------------------------------------------------------
National N## 11/14/1994 5.78% 5.94% NA 5.59%
- ---------------------------------------------------------------
National Y# 2/19/2002 7.58% NA NA 6.14%
- ---------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes E, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A, E and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, E, H, L, M,
N and Y shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Tax-Free National
Fund Class A placed in the 1st quartile of its Lipper peer group with a total
return, before sales charge, of 2.16% versus the return of 1.59% for the Lipper
peer group and a return of 1.95% for the Lehman Brothers Municipal Bond Index.
The primary objective of The Hartford Tax Free National Fund is to provide
current income exempt from federal income tax. As April 30, 2005, the SEC yield
for the Fund's Class A shares was 3.52%.
WHY DID THE FUND PERFORM THIS WAY?
Sustained growth in the US economy continued to foster a healthy environment for
most municipal credits. State revenue collections grew at a rate of 7.8% during
the fourth quarter of 2004, which ranks as one of the strongest quarters since
1991 and marked the seventh straight quarter of state revenue growth. In fact,
Moody's revised its outlook on the state sector as a whole from negative to
stable. Over the period, the Fund benefited from a year-end rally in municipals,
especially those with maturities 13 years and longer. As the new year has
progressed, the combination of the Fund's overweight to longer maturity bonds
and its underweight to the short end of the yield curve benefited performance as
a result of a front-end flattening of the yield curve. We continued to focus
purchases on premium bonds. Premium bonds tend to out perform general market
bonds as rates rise. We held an overweight to revenue bonds, especially high
yield revenue bonds, for the incremental yield. For the six-month period ended
April 30, 2005, high yield credits spreads have tightened considerably. The Fund
maintained an over weight to education, special tax and health care bonds. In
addition, our analysis has indicated that tobacco bonds are again poised to out
perform general market credits. Improving conditions in the tobacco litigation
environment provided an opportunity to add tobacco bonds to the portfolio for
performance and additional yield.
WHAT IS YOUR OUTLOOK?
Challenges remain, especially for weaker performing manufacturing based State
economies. We remain concerned with the growing costs of Medicaid, education and
correctional facilities. Medicaid
66
- --------------------------------------------------------------------------------
expenses are expected to continue increasing at an alarming rate. This fact
holds negative consequences for both State/local credits and health care
institutions. Due to significant spread tightening over the past months, we
remain increasing selective when purchasing high yield credits and are less
sanguine about the outlook for high yield debt. Overall issuance continues to
exceed expectations as issuers take advantage of lower long term yields. In the
long term we believe municipal performance will be greatly influenced by
technical factors and expect municipal bonds will outperform later in the year
as supply begins to wane. In the short-term, we anticipate additional issuance
as authorized bond issuance is brought to market prior to the fiscal year end,
and thus municipal performance could be volatile over the next few months.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 21.4%
- -------------------------------------------------------------------
AA 8.6
- -------------------------------------------------------------------
A 11.8
- -------------------------------------------------------------------
BBB 27.5
- -------------------------------------------------------------------
BB 1.0
- -------------------------------------------------------------------
NR 29.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- ---------------------------------------------------------------------
Airport Revenues 0.5%
- ---------------------------------------------------------------------
General Obligations 28.2
- ---------------------------------------------------------------------
Health Care/Services 11.8
- ---------------------------------------------------------------------
Higher Education (Univ., Dorms, etc.) 7.9
- ---------------------------------------------------------------------
Housing (HFA's, etc.) 3.1
- ---------------------------------------------------------------------
Industrial 0.7
- ---------------------------------------------------------------------
Land Development 4.5
- ---------------------------------------------------------------------
Miscellaneous 14.2
- ---------------------------------------------------------------------
Pollution Control 2.3
- ---------------------------------------------------------------------
Public Facilities 9.0
- ---------------------------------------------------------------------
Refunded with U.S. Gov't Securities 1.6
- ---------------------------------------------------------------------
Short-Term Investments 1.8
- ---------------------------------------------------------------------
Transportation 2.2
- ---------------------------------------------------------------------
Utilities -- Combined 0.9
- ---------------------------------------------------------------------
Utilities -- Electric 4.1
- ---------------------------------------------------------------------
Utilities -- Water and Sewer 5.4
- ---------------------------------------------------------------------
Other Assets & Liabilities 1.8
- ---------------------------------------------------------------------
TOTAL 100.0%
- ---------------------------------------------------------------------
</Table>
DISTRIBUTION BY STATE
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
STATE NET ASSETS
- ----------------------------------------------------------------------
Alabama 2.1%
- ----------------------------------------------------------------------
Arizona 6.2
- ----------------------------------------------------------------------
California 12.2
- ----------------------------------------------------------------------
Florida 5.3
- ----------------------------------------------------------------------
Georgia 5.5
- ----------------------------------------------------------------------
Illinois 6.0
- ----------------------------------------------------------------------
Kentucky 1.1
- ----------------------------------------------------------------------
Louisiana 0.5
- ----------------------------------------------------------------------
Maryland 1.1
- ----------------------------------------------------------------------
Massachusetts 2.2
- ----------------------------------------------------------------------
Michigan 5.2
- ----------------------------------------------------------------------
Minnesota 7.5
- ----------------------------------------------------------------------
Mississippi 0.3
- ----------------------------------------------------------------------
Missouri 0.6
- ----------------------------------------------------------------------
Nevada 1.6
- ----------------------------------------------------------------------
New Hampshire 0.8
- ----------------------------------------------------------------------
New Jersey 4.5
- ----------------------------------------------------------------------
New Mexico 0.7
- ----------------------------------------------------------------------
New York 5.7
- ----------------------------------------------------------------------
North Carolina 1.1
- ----------------------------------------------------------------------
Ohio 1.9
- ----------------------------------------------------------------------
Other U.S. Territories 2.0
- ----------------------------------------------------------------------
Pennsylvania 4.3
- ----------------------------------------------------------------------
Rhode Island 5.6
- ----------------------------------------------------------------------
South Carolina 1.1
- ----------------------------------------------------------------------
Tennessee 0.5
- ----------------------------------------------------------------------
Texas 2.8
- ----------------------------------------------------------------------
Utah 0.6
- ----------------------------------------------------------------------
Virginia 1.7
- ----------------------------------------------------------------------
Washington 5.4
- ----------------------------------------------------------------------
Wisconsin 2.1
- ----------------------------------------------------------------------
Other Assets & Liabilities 1.8
- ----------------------------------------------------------------------
TOTAL 100.0%
- ----------------------------------------------------------------------
</Table>
67
The Hartford Tax-Free New York Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
CURRENT
INCOME
EXEMPT
FROM
FEDERAL,
NEW
YORK
STATE
AND
NEW
YORK
CITY
INCOME
TAX.
PERFORMANCE OVERVIEW(2) 10/31/02 - 4/30/05
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
10225.00 10626.00
10166.00 10587.00
10197.00 10620.00
10351.00 10760.00
10588.00 10969.00
10671.00 11028.00
10/04 10784.00 11120.00
10665.00 11027.00
10821.00 11154.00
10936.00 11251.00
10892.00 11219.00
10818.00 11147.00
4/05 10987.00 11313.00
</Table>
<Table>
--- TAX-FREE NEW YORK FUND --- LEHMAN BROTHERS NEW YORK MUNICIPAL
$9,550 starting value BOND INDEX
$10,987 ending value $10,000 starting value
$11,313 ending value
</Table>
LEHMAN BROTHERS NEW YORK MUNICIPAL BOND INDEX is an unmanaged index of municipal
bonds issued by the State of New York with maturities greater than two years.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------
New York A# 10/31/2002 7.45% 5.77%
- ------------------------------------------------------------
New York A## 10/31/2002 2.66% 3.84%
- ------------------------------------------------------------
New York B# 10/31/2002 6.57% 5.02%
- ------------------------------------------------------------
New York B## 10/31/2002 1.57% 3.89%
- ------------------------------------------------------------
New York C# 10/31/2002 6.57% 5.02%
- ------------------------------------------------------------
New York C## 10/31/2002 5.57% 5.02%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B and C shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Tax-Free New York
Fund Class A placed in the 2nd quartile of its Lipper peer group with a total
return, before sales charge, of 1.87% versus the 1.73% return for the Lipper
peer group and the return of 1.73% for the Lehman Brothers New York Municipal
Bond 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, 2005, the SEC yield for this Fund's class A shares was 3.15%.
WHY DID THE FUND PERFORM THIS WAY?
Over the period, Fund performance benefited from a year end rally, especially in
longer maturities, where the Fund has an overweight. As the new year has
progressed, the combination of exposure to longer dated bonds and an underweight
to the short end of the curve benefited performance as a result of a front-end
driven flattening of the yield curve. A 16% decline in tax-exempt issuance in
New York for the first quarter of 2005 versus the first quarter of 2004
exacerbated an overall narrowing of credit spreads, which limited high yield
purchases for the quarter. Additionally, we continued to focus on purchasing
premium bonds. Premium bonds tend to outperform general market bonds as rates
rise. We maintained an overweight to revenue bonds, especially high yield
revenue bonds, for incremental yield. For the last six months, high yield credit
spreads have tightened considerably. The Fund held over weights in select bonds
with strong credit profiles such as in education (private colleges), health care
and leasing bonds, helping to add to performance and yield. Within health care,
we opportunistically added exposure when we felt we were being compensated for
the risk. Our analysis has indicated that tobacco bonds are again poised to out
perform general market credits. Improving conditions in the tobacco litigation
environment provided an opportunity to add tobacco bonds to the portfolio for
performance and additional yield.
WHAT IS YOUR OUTLOOK?
We expect further improvement in municipal fundamentals, particularly in the
general obligation debt of New York and local credits as they benefit from
continued tax base growth and a stable economy. Property taxes should continue
to increase as a result of the growth in home valuations. New York State tax
revenues are growing at a record pace reflecting the rebound in the national
economy. Due to significant spread tightening over the past months, we remain
increasing selective when purchasing high yield credits and are less sanguine
about the outlook for high yield debt. Overall issuance continues to exceed
expectations as issuers take advantage of lower long-term yields. In the long
term, we believe
68
- --------------------------------------------------------------------------------
municipal performance will be greatly influenced by technical factors and expect
municipal bonds will outperform later in the year as supply begins to wane. In
the short-term, we anticipate additional issuance as authorized bond issuance is
brought to market prior to the fiscal year end, and thus municipal performance
could be volatile over the next few months.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 21.7%
- -------------------------------------------------------------------
AA 20.6
- -------------------------------------------------------------------
A 41.8
- -------------------------------------------------------------------
BBB 2.3
- -------------------------------------------------------------------
BB .9
- -------------------------------------------------------------------
NR 12.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Airport Revenues 1.5%
- -------------------------------------------------------------------
Finance 2.5
- -------------------------------------------------------------------
General Obligations 34.7
- -------------------------------------------------------------------
Health Care/Services 7.7
- -------------------------------------------------------------------
Higher Education (Univ., Dorms, etc.) 23.9
- -------------------------------------------------------------------
Housing (HFA's, etc.) 4.7
- -------------------------------------------------------------------
Industrial 2.4
- -------------------------------------------------------------------
Land Development 0.8
- -------------------------------------------------------------------
Miscellaneous 5.0
- -------------------------------------------------------------------
Pollution Control 3.2
- -------------------------------------------------------------------
Public Facilities 3.1
- -------------------------------------------------------------------
Transportation 6.4
- -------------------------------------------------------------------
Utilities -- Electric 1.7
- -------------------------------------------------------------------
Utilities -- Water and Sewer 3.1
- -------------------------------------------------------------------
Other Assets & Liabilities -0.7
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
69
The Hartford Total Return Bond Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
A
COMPETITIVE
TOTAL
RETURN,
WITH
INCOME
AS A
SECONDARY
OBJECTIVE.
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/05
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
16362.00 17226.00
16303.00 17157.00
16368.00 17255.00
16483.00 17426.00
16768.00 17759.00
16848.00 17807.00
10/04 16983.00 17956.00
16925.00 17813.00
17068.00 17976.00
17148.00 18090.00
17083.00 17983.00
16968.00 17891.00
4/05 17168.00 18133.00
</Table>
<Table>
--- TOTAL RETURN BOND FUND --- LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
$9,550 starting value $10,000 starting value
$17,168 ending value $18,133 ending value
</Table>
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.
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.
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- --------------------------------------------------------------
Total Return A# 7/22/1996 4.93% 7.52% 6.91%
- --------------------------------------------------------------
Total Return A## 7/22/1996 0.24% 6.53% 6.35%
- --------------------------------------------------------------
Total Return B# 7/22/1996 4.20% 6.75% NA*
- --------------------------------------------------------------
Total Return B## 7/22/1996 -0.80% 6.44% NA*
- --------------------------------------------------------------
Total Return C# 7/22/1996 4.53% 6.83% 6.20%
- --------------------------------------------------------------
Total Return C## 7/22/1996 3.53% 6.83% 6.20%
- --------------------------------------------------------------
Total Return Y# 7/22/1996 5.47% 8.02% 7.41%
- --------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
* Inception returns are not applicable for Classes B because
after 8 years Class B converts to Class A.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(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 shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
NASRI TOUTOUNGI
Managing Director
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the period ended April 30, 2005 The Hartford Total Return Bond Fund Class A
placed in the 1st quartile of its Lipper peer group with a return, before sales
charge, of 1.09% versus a return of 0.75% for the Lipper peer group and 0.98%
for the Lehman Brothers U.S. Aggregate Bond Index.
WHY DID THE FUND PERFORM THIS WAY?
The Fund benefited from being positioned for a rise in rates and for a robust
economy. During the period, the Federal Reserve raised rates by 25 basis points
at each Federal Open Market Committee (FOMC) meeting. The result, however, has
been an increase in short-term rates while long-term rates have declined. The
Fund was positioned to take advantage of this flattening of the yield curve. For
the first part of the period, the Fund benefited from allocations to high yield
and non-dollar securities. Among the top contributors to the Fund during the
earlier part of the period were German and French Government bonds. Performance
was also was assisted by allocations to investment grade corporate bonds and
mortgage-backed securities. However, the past six months have proven to be a
tumultuous one for the market. Many of the gains that were realized during the
last part of 2004 were reversed in 2005. Volatility returned to the corporate
credit market with GM's surprise announcement that earnings and cash flow would
fall well short of previous estimates. The high yield sector was particularly
hard hit. As a result, holdings in high yield were a drag on performance.
Security selection though, primarily in corporate issues, benefited performance.
Of note, an underweight to the auto industry, particularly General Motors and
Ford credits, assisted Fund performance.
WHAT IS YOUR OUTLOOK?
Over the coming months, we expect the Federal Reserve (Fed) to continue on its
measured pace of getting monetary policy back to a "neutral" level. From a
fundamental standpoint the U.S. economy continues to grow at a solid pace led by
healthy activity in jobs, housing and consumer spending. The year over year rise
in energy prices has led to stronger inflation readings in both the Producer
Pricing Index (PPI) and Consumer Pricing Index (CPI). However, Core PPI, core
CPI and the Fed's preferred inflation measure, Personal Consumption Expenditures
(PCE), which mitigate the impact of volatile sectors like food and energy,
remain muted. This along with and recent drops in commodity and energy prices,
should assuage the inflation fears of the FOMC and reduce the likelihood of
near-term aggressive tightening measures. Recent ratings actions in the auto
sector, continued leveraged buyout risk and credit hedge-fund underperformance
have sparked a recent "flight-to-quality" trade in U.S. Treasuries causing an
overall drop in yields, and subsequent widening in credit risk premiums. In the
portfolios, we are currently reviewing
70
- --------------------------------------------------------------------------------
our constructive opinion on credit and have been opportunistically reducing risk
in this sector where appropriate. While we feel that the economy is on solid
ground and that the FOMC will continue raising rates for the next 3 to 6 months,
there are technical pressures in the marketplace that suggest that interest
rates could trend lower in the near term and that interest rate and credit
volatility could be on the rise. In response to these themes we have taken on a
slight overweight exposure to interest rate risk and reduced our exposure to the
Mortgage-Backed Securities Sector which should under perform as volatility
rises. These are tactical allocations that are under continuous review and
subject to our observations of trends in the marketplace.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 60.9%
- -------------------------------------------------------------------
AA 1.8
- -------------------------------------------------------------------
A 10.4
- -------------------------------------------------------------------
BBB 20.7
- -------------------------------------------------------------------
BB 3.6
- -------------------------------------------------------------------
B 0.6
- -------------------------------------------------------------------
CCC 0.2
- -------------------------------------------------------------------
NR 1.8
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 2.6%
- -------------------------------------------------------------------
Capital Goods 1.0
- -------------------------------------------------------------------
Consumer Cyclical 1.6
- -------------------------------------------------------------------
Consumer Staples 1.0
- -------------------------------------------------------------------
Energy 2.8
- -------------------------------------------------------------------
Finance 59.6
- -------------------------------------------------------------------
General Obligations 0.5
- -------------------------------------------------------------------
Health Care 0.9
- -------------------------------------------------------------------
Services 2.4
- -------------------------------------------------------------------
Technology 5.5
- -------------------------------------------------------------------
Transportation 0.5
- -------------------------------------------------------------------
U.S. Government Agencies 27.8
- -------------------------------------------------------------------
U.S. Government Securities 14.2
- -------------------------------------------------------------------
Utilities 5.1
- -------------------------------------------------------------------
Other Assets & Liabilities -25.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
71
The Hartford U.S. Government Securities Fund
(subadvised by Hartford Investment Management Company)
INVESTMENT
OBJECTIVE -- SEEKS
TO
PROVIDE
CURRENT
INCOME
WHILE
MAINTAINING
PRESERVATION
OF
CAPITAL
CONSISTENT
WITH
PRUDENT
INVESTMENT
RISK.
PERFORMANCE OVERVIEW(1,3) 4/30/95 - 4/30/05
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
U.S. GOVERNMENT SECURITIES FUND LEHMAN BROTHERS U.S. GOV'T INDEX*
------------------------------- ---------------------------------
4/30/95 9550.00 10000.00
9834.00 10403.00
9903.00 10483.00
9875.00 10444.00
9989.00 10567.00
10078.00 10668.00
10/95 10223.00 10830.00
10358.00 10999.00
10482.00 11155.00
10551.00 11223.00
10371.00 10994.00
10303.00 10903.00
10246.00 10833.00
10232.00 10815.00
10356.00 10954.00
10376.00 10982.00
10361.00 10958.00
10545.00 11140.00
10/96 10756.00 11385.00
10932.00 11583.00
10834.00 11465.00
10867.00 11477.00
10889.00 11493.00
10765.00 11371.00
10921.00 11535.00
11017.00 11634.00
11138.00 11765.00
11421.00 12099.00
11327.00 11979.00
11496.00 12159.00
10/97 11654.00 12369.00
11685.00 12432.00
11793.00 12563.00
11953.00 12751.00
11930.00 12717.00
11971.00 12752.00
12013.00 12810.00
12132.00 12942.00
12253.00 13089.00
12268.00 13109.00
12522.00 13450.00
12829.00 13813.00
10/98 12712.00 13766.00
12768.00 13770.00
12798.00 13800.00
12852.00 13880.00
12594.00 13550.00
12662.00 13603.00
12689.00 13634.00
12567.00 13514.00
12514.00 13487.00
12460.00 13467.00
12433.00 13467.00
12588.00 13576.00
10/99 12605.00 13597.00
12609.00 13578.00
12543.00 13490.00
12491.00 13509.00
12627.00 13701.00
12778.00 13942.00
12757.00 13903.00
12735.00 13911.00
12961.00 14159.00
13071.00 14296.00
13256.00 14508.00
13368.00 14548.00
10/00 13468.00 14688.00
13703.00 14977.00
13985.00 15275.00
14147.00 15430.00
14294.00 15606.00
14366.00 15660.00
14282.00 15501.00
14337.00 15552.00
14356.00 15623.00
14679.00 15998.00
14833.00 16197.00
15095.00 16478.00
10/01 15350.00 16904.00
15128.00 16525.00
15032.00 16381.00
15113.00 16488.00
15295.00 16639.00
15089.00 16278.00
15369.00 16666.00
15487.00 16766.00
15621.00 17000.00
15894.00 17374.00
16102.00 17718.00
16377.00 18133.00
10/02 16322.00 17988.00
16230.00 17833.00
16659.00 18265.00
16567.00 18219.00
16824.00 18512.00
16781.00 18459.00
16881.00 18544.00
17215.00 19024.00
17058.00 18925.00
16317.00 18143.00
16375.00 18245.00
16843.00 18776.00
10/03 16659.00 18509.00
16700.00 18532.00
16807.00 18696.00
16914.00 18852.00
17095.00 19078.00
17224.00 19246.00
16828.00 18666.00
16696.00 18597.00
16792.00 18674.00
16961.00 18847.00
17218.00 19215.00
17208.00 19253.00
10/04 17339.00 19407.00
17199.00 19176.00
17348.00 19349.00
17422.00 19471.00
17317.00 19333.00
17290.00 19269.00
4/05 17517.00 19579.00
</Table>
<Table>
--- U.S. GOVERNMENT SECURITIES FUND --- LEHMAN BROTHERS U.S. GOV'T INDEX
$9,550 starting value $10,000 starting value
$17,517 ending value $19,579 ending value
</Table>
LEHMAN BROTHERS U.S. GOVERNMENT INDEX is an unmanaged index of government bonds
with maturities of one year or more.
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.
PORTFOLIO MANAGER
CHRISTOPHER HANLON, CFA
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR 10 YEAR INCEPTION
- ---------------------------------------------------------------------
U.S. Gov A# 2/28/1973 4.09% 6.55% 6.25% 7.71%
- ---------------------------------------------------------------------
U.S. Gov A## 2/28/1973 -0.58% 5.58% 5.76% 7.55%
- ---------------------------------------------------------------------
U.S. Gov B# 11/14/1994 3.36% 5.67% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov B## 11/14/1994 -1.63% 5.35% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov C# 11/14/1994 3.36% 5.72% NA 5.64%
- ---------------------------------------------------------------------
U.S. Gov C## 11/14/1994 2.36% 5.72% NA 5.64%
- ---------------------------------------------------------------------
U.S. Gov E# 2/28/1973 4.49% 6.78% 6.37% 7.74%
- ---------------------------------------------------------------------
U.S. Gov E## 2/28/1973 -0.21% 5.81% 5.88% 7.59%
- ---------------------------------------------------------------------
U.S. Gov H# 11/14/1994 3.47% 5.74% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov H## 11/14/1994 -0.53% 5.42% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov L# 11/14/1994 4.23% 6.53% NA 6.44%
- ---------------------------------------------------------------------
U.S. Gov L## 11/14/1994 -0.46% 5.56% NA 5.97%
- ---------------------------------------------------------------------
U.S. Gov M# 11/14/1994 3.47% 5.74% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov M## 11/14/1994 -0.52% 5.42% NA* NA*
- ---------------------------------------------------------------------
U.S. Gov N# 11/14/1994 3.47% 5.76% NA 5.66%
- ---------------------------------------------------------------------
U.S. Gov N## 11/14/1994 2.47% 5.76% NA 5.66%
- ---------------------------------------------------------------------
U.S. Gov Y# 2/19/2002 4.36% NA NA 4.83%
- ---------------------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes E, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A, E and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, E, H, L, M,
N and Y shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six month period ended April 30, 2005, The Hartford U.S. Government
Securities Fund Class A placed in the 2nd quartile of its Lipper peer group with
a return, before sales charge, of 1.03% versus a return of 1.07% for the Lipper
peer group and 0.87% for the Lehman Brothers U.S. Government 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, 2005, the SEC yield for this Fund's
Class A shares was 4.08%.
WHY DID THE FUND PERFORM THIS WAY?
Over the past six months, the Federal Reserve (Fed) continued on its path of
tightening, raising interest rates by 25 basis points at each Federal Open
Market Committee meeting. In spite of continued tightening, the yield curve
flattened, with the yield on the two year Treasury having increased by 110 basis
points, the yield on the ten year increasing by 16 basis points and the yield on
the thirty year declining by 38 basis points.
The Fund's positive performance can be attributed to favorable yield curve
positioning. Throughout the period, the Fund was positioned for a flatter yield
curve and higher rates. We increased allocations slightly to Mortgage Backed
Securities (MBS) and Commercial Mortgage Backed Securities (CMBS), whose yields
have continued to offer relative value to Treasuries. In November we reduced our
Agency exposure in favor of MBS. Valuations and technicals improved in MBS,
while there was continued uncertainty in Agency debt, driven in large part by
FNMA. We had concern about the impact to FNMA's capital due to improper
accounting for derivatives as well as their inquiries from the SEC and the
agency's regulator (OFEHO). Holdings in MBS and CMBS have also contributed to
the Fund's SEC yield, and were a small contributor to total return. During the
period, we made tactical allocations to Treasury Inflation Protected Securities
(TIPS) in January and again in March. While the allocations to
72
- --------------------------------------------------------------------------------
TIPS in January did not add value, the Fund benefited from the attractive
seasonal accruals with the re-introduction to TIPS in March.
WHAT IS YOUR OUTLOOK?
We expect the economy to continue to grow at a solid pace in response to a
continued easy monetary policy environment. The recent softening of economic
growth should prove temporary as energy prices stabilize, albeit at higher
levels, while business capital expenditures will continue to be the mainstay of
the economic expansion. Recent comments from the Fed indicate increased concern
over inflationary pressures and the Fed still appears committed to a measured
pace of tightening. Interest rates should drift higher and the yield curve
should continue to maintain a flattening bias longer term.
We anticipate that the Fund's duration will be flat to short the duration of the
Lehman Brothers U.S. Government Index and will favor securities that perform
well in an unchanged to rising interest rate environment. Stable to higher
interest rates and a positively sloped Treasury yield curve should lead to good
carry and solid performance for MBS. While MBS have richened recently, we expect
they will continue to offer good diversification and total return potential
within an overall government mandate. We also anticipate maintaining allocations
to high quality CMBS, which should outperform MBS if rates become more volatile.
Agency debt fundamentals are improving with higher retained earnings, more
excess capital and growing agreement on regulatory legislation. Despite
favorable technicals and fundamentals, pricing levels are expensive on Agency
debt and we expect that the Fund will be neutral to underweight this sector.
DISTRIBUTION BY CREDIT QUALITY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
RATING HOLDINGS
- -------------------------------------------------------------------
AAA 88.8%
- -------------------------------------------------------------------
AA 11.2
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
DISTRIBUTION BY CATEGORY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
CATEGORY NAME NET ASSETS
- -------------------------------------------------------------------
Federal Home Loan Mortgage Corporation 30.0%
- -------------------------------------------------------------------
Federal National Mortgage Association 31.5
- -------------------------------------------------------------------
Government National Mortgage Association 6.5
- -------------------------------------------------------------------
Other Direct Federal Obligations 3.4
- -------------------------------------------------------------------
U.S. Treasury Securities 23.8
- -------------------------------------------------------------------
Other Assets & Liabilities 4.8
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
73
The Hartford Value Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
LONG-TERM
TOTAL
RETURN.
PERFORMANCE OVERVIEW(2) 4/30/01 - 4/30/05
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
9090.00 10555.00
9226.00 10663.00
9399.00 10914.00
9051.00 10760.00
9109.00 10913.00
9215.00 11082.00
10/04 9370.00 11266.00
9727.00 11836.00
10060.00 12233.00
9886.00 12015.00
10284.00 12413.00
10060.00 12243.00
4/05 9954.00 12024.00
</Table>
<Table>
--- VALUE FUND --- RUSSELL 1000 VALUE INDEX
$9,450 starting value $10,000 starting value
$9,954 ending value $12,024 ending value
</Table>
RUSSELL 1000 VALUE INDEX measures the performance of those Russell 1000 Index
companies with lower price-to-book ratios and lower forecasted growth values.
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.
AVERAGE ANNUAL TOTAL RETURNS(1) (as of 4/30/05)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------
Value A# 4/30/2001 9.50% 1.30%
- ---------------------------------------------------------
Value A## 4/30/2001 3.46% -0.12%
- ---------------------------------------------------------
Value B# 4/30/2001 8.67% 0.55%
- ---------------------------------------------------------
Value B## 4/30/2001 3.67% -0.20%
- ---------------------------------------------------------
Value C# 4/30/2001 8.78% 0.57%
- ---------------------------------------------------------
Value C## 4/30/2001 7.78% 0.57%
- ---------------------------------------------------------
Value Y# 4/30/2001 9.62% 1.58%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
(1) The initial investment in Class A shares reflects the
maximum sales charge and Classes B and C reflect CDSC.
(2) Growth of a $10,000 investment in Classes B, C and Y shares
will vary from results seen above due to differences in the
expenses charged to these share classes.
PORTFOLIO MANAGER
JOHN R. RYAN, CFA
Senior Vice President, Managing Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ending April 30, 2005, The Hartford Value Fund Class A,
before sales charge, returned 6.23%, slightly trailing the Russell 1000 Value
Index return of 6.72%, but outperforming the Lipper Large Cap Value peer group
average return of 4.63%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund benefited from positive stock selection within Utilities and Energy.
The top three contributors, on an absolute basis, were Exxon Mobil (Energy),
Conoco Phillips (Energy), and Exelon (Utilities). As of the end of the period,
all three stocks were held in the Fund.
The Fund's slight underperformance relative to the benchmark during this period
was primarily due to unfavorable stock selection and allocation within
Materials, Industrials, Consumer Discretionary, Information Technology and
Consumer Staples. The three largest detractors, on an absolute basis, were
Teradyne (Information Technology), Lear (Consumer Discretionary) and National
City (Financials).
Teradyne suffered from a number of secular trends within the semiconductor
capital equipment industry which include increased price competition, better
utilization profiles resulting in less need for extra capacity and more
standardization of product requirements. We believe that the bottom is near in
the industry cycle and owned the position at the end of the period. Lear, an
automobile parts maker, suffered from production cuts by Ford and GM, which,
coupled with the negative impact of rising raw material costs, depressed the
valuation. We sold Lear during the period. National City's mortgage banking
business has been volatile in the current rising rate environment. However,
their core regional banking business continues to perform well. We owned the
stock at the end of the period.
WHAT IS THE OUTLOOK?
We expect continued economic expansion, but we are preparing for a deceleration
from recent growth rates. We anticipate 3%+ global and U.S. GDP growth over the
next couple of years. This period will not feel as good as the recovery we have
experienced over the past two years, and we expect the main engine of growth
during that time, the U.S. consumer, will have trouble keeping pace. The
American consumer is facing many headwinds. Payroll employment growth is
slowing. Consumer confidence, while high, is waning. Prices for natural gas,
oil, electricity, and virtually the entire energy complex are rising. We expect
mortgage refinancing activity will subside and tax refunds to be down. Housing
prices remain the one bright spot, and consumer exposure to housing prices is
significant, with nearly two-thirds owning their residential unit.
On the corporate side, most of the news is positive. Balance sheets rarely have
been better. Cash levels are rising despite a pickup in
74
- --------------------------------------------------------------------------------
capital spending. Debt repayments continue, while dividend increases and stock
repurchases persist. Deferred infrastructure spending in the West and new
infrastructure spending in the developing world should bolster business
expenditures for several years. On the other hand, corporations face headwinds
from high energy and other commodity prices.
In this environment, we continue to find opportunities in several areas,
particularly those dependent on capital spending. Corporate balance sheets are
flush with liquidity, and the ratio of capital spending to cash flow is well
below average. We added exposure to cyclical companies that we expect will
benefit from continued economic expansion, but whose stocks sell at relatively
attractive valuations. At the end of the period, relative to the Russell 1000
Value Index, the Fund was overweight Health Care, Utilities, Industrials,
Materials, and Consumer Staples.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- -------------------------------------------------------------------
Basic Materials 8.2%
- -------------------------------------------------------------------
Capital Goods 5.7
- -------------------------------------------------------------------
Consumer Cyclical 7.6
- -------------------------------------------------------------------
Consumer Staples 3.9
- -------------------------------------------------------------------
Energy 10.3
- -------------------------------------------------------------------
Finance 28.6
- -------------------------------------------------------------------
Health Care 8.9
- -------------------------------------------------------------------
Services 2.2
- -------------------------------------------------------------------
Technology 12.5
- -------------------------------------------------------------------
Transportation 5.2
- -------------------------------------------------------------------
Utilities 8.4
- -------------------------------------------------------------------
Other Assets & Liabilities -1.5
- -------------------------------------------------------------------
TOTAL 100.0%
- -------------------------------------------------------------------
</Table>
75
The Hartford Value Opportunities Fund
(subadvised by Wellington Management Company, LLP)
INVESTMENT
OBJECTIVE -- SEEKS
SHORT-
AND
LONG-TERM
CAPITAL
APPRECIATION.
PERFORMANCE OVERVIEW(1,3) 1/2/96 - 4/30/05
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 10000 10000
10030 10288
10170 10373
10480 10554
10730 10617
10920 10763
10930 10758
10370 10334
10750 10647
11280 11055
10/96 11320 11451
11980 12260
11988 12159
12398 12706
12551 12887
12091 12436
12531 12923
13258 13675
13585 14273
14333 15299
13831 14829
14486 15734
10/97 14077 15295
14691 15921
14962 16392
15053 16154
15929 17230
16566 18250
16612 18369
16237 18060
16430 18261
15838 17839
13483 15172
14006 16041
10/98 14871 17220
15725 17995
16216 18603
16443 18708
16002 18367
16418 18709
17552 20452
17149 20287
17829 20887
17275 20284
16733 19533
16040 18871
10/99 16745 19850
16758 19711
17649 19839
16945 19201
15983 17949
18422 19979
18557 19769
18801 19943
17636 19133
18002 19399
19370 20464
18869 20632
10/00 20331 21102
19619 20341
20975 21435
21973 21551
21317 20990
20215 20277
21734 21266
21749 21749
21556 21362
20945 21287
19813 20487
17593 18987
10/01 17861 18867
19181 19982
20138 20506
19548 20379
19404 20418
20042 21426
18734 20805
18288 20844
16598 19706
15163 17793
15402 17912
13553 15970
10/02 14764 17085
15944 18180
14988 17391
14621 16965
14174 16505
14158 16543
15817 18007
17044 19218
17236 19464
17459 19802
18208 20143
18208 19943
10/03 19372 21194
20010 21522
21110 22806
21796 23237
22210 23732
21844 23566
21301 22939
21493 23175
22099 23771
21333 23371
21397 23696
21812 24111
10/04 22418 24509
23645 25827
25208 26669
24155 26146
24985 26983
24602 26597
4/05 23725 26047
</Table>
<Table>
--- VALUE OPPORTUNITIES FUND --- RUSSELL 3000 VALUE INDEX
$9,450 starting value $10,000 starting value
$23,725 ending value $26,047 ending value
</Table>
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.
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.
PORTFOLIO MANAGERS
JAMES H. AVERILL
Senior Vice President, Partner
JAMES N. MORDY
Senior Vice President, Partner
DAVID R. FASSNACHT, CFA
Senior Vice President, Partner
DAVID W. PALMER, CFA
Vice President
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/05)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------
Value Opp A# 1/2/1996 11.38% 5.04% 9.70%
- -----------------------------------------------------------
Value Opp A## 1/2/1996 5.23% 3.85% 9.04%
- -----------------------------------------------------------
Value Opp B# 1/2/1996 10.53% 4.28% NA*
- -----------------------------------------------------------
Value Opp B## 1/2/1996 5.53% 3.94% NA*
- -----------------------------------------------------------
Value Opp C# 1/2/1996 10.61% 4.28% 8.90%
- -----------------------------------------------------------
Value Opp C## 1/2/1996 9.61% 4.28% 8.90%
- -----------------------------------------------------------
Value Opp H# 1/2/1996 10.60% 4.29% NA*
- -----------------------------------------------------------
Value Opp H## 1/2/1996 6.60% 3.95% NA*
- -----------------------------------------------------------
Value Opp L# 1/2/1996 11.38% 5.04% 9.70%
- -----------------------------------------------------------
Value Opp L## 1/2/1996 6.06% 4.02% 9.13%
- -----------------------------------------------------------
Value Opp M# 1/2/1996 10.53% 4.28% NA*
- -----------------------------------------------------------
Value Opp M## 1/2/1996 6.53% 3.94% NA*
- -----------------------------------------------------------
Value Opp N# 1/2/1996 10.60% 4.29% 8.91%
- -----------------------------------------------------------
Value Opp N## 1/2/1996 9.60% 4.29% 8.91%
- -----------------------------------------------------------
Value Opp Y# 2/19/2002 11.67% NA 7.41%
- -----------------------------------------------------------
</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.
(1) New Classes A, B and C were offered beginning on February
19, 2002. Performance prior to that date is that of the
fund's Classes L, M and N shares, respectively, which have
lower operating expenses. Performance prior to February 19,
2002 would have been lower if Classes A, B and C shares
expenses were applied during that period.
(2) The initial investment in Classes A and L shares reflects
the maximum sales charge and Classes B, C, H, M and N
reflect CDSC.
(3) Growth of a $10,000 investment in Classes B, C, H, L, M, N
and Y shares will vary from results seen above due to
differences in the expenses charged to these share classes.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2005, The Hartford Value Opportunities
Fund Class A, before sales charge, returned 5.83%. The Fund under-performed the
Russell 3000 Value Index return of 6.28%, but outperformed the peer group, the
Lipper Multi Cap Value Average return of 5.18%.
WHY DID THE FUND PERFORM THIS WAY?
Overweight positions in small cap stocks and underweights in large caps
detracted from performance relative to the benchmark, as did underweights in
Utilities and Consumer Staples and our enthusiastic investment in
underperforming Information Technology. The large position in Health Care,
however, overcame the drag of the above mentioned, as the HMO and pharmaceutical
positions performed extremely well. Top contributors to performance were
Coventry Healthcare (Health Care Equipment and Services), the newly merged
Wellpoint/Anthem (Health Care Equipment and Services), and Rinker Group
(Materials). Wellpoint has been eliminated from the Fund and the other two
positions have been trimmed significantly.
Some stock disappointments occurred in April and were driven by disappointing
earnings results: Sappi (Materials), American Axle (Automobiles and Components),
MBNA (Diversified Financials) and Ambac (Insurance) all saw declines as the
market responded emotionally to bad news. In each case we expect value will
eventually win out and so we maintained or expanded the investments. On absolute
basis, Fannie Mae was the largest detractor from the Fund's relative performance
to the benchmark. We have reduced this position significantly, given that the
management and accounting are in disarray and it is unclear what the business
will look like going forward.
WHAT IS THE OUTLOOK?
The stimulus-driven phase of the recovery is waning, and we believe the U.S.
economy is transitioning into a period of slower economic growth. Given this
outlook, we expect our low P/E approach to outperform over the long term. In
this environment
76
- --------------------------------------------------------------------------------
we are focusing less on cyclical companies and more on companies with good,
consistent returns on capital and decent growth prospects. After the notable
expansion in mid-cap and small-cap multiples, now ongoing for five years, we are
finding large cap value companies increasingly attractive, and they are gaining
a higher weighting in the portfolio. As of the end of the period, the fund was
overweight Consumer Discretionary, Health Care, Information Technology and
Materials, relative to the benchmark. Underweights were in Consumer Staples,
Utilities, Financials, Energy and Telecommunications and Industrials, which seem
expensive relative to their growth prospects.
DIVERSIFICATION BY INDUSTRY
as of April 30, 2005
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY NET ASSETS
- --------------------------------------------------------------------
Basic Materials 8.2%
- --------------------------------------------------------------------
Capital Goods 3.5
- --------------------------------------------------------------------
Consumer Cyclical 11.8
- --------------------------------------------------------------------
Energy 7.4
- --------------------------------------------------------------------
Finance 35.1
- --------------------------------------------------------------------
Health Care 10.5
- --------------------------------------------------------------------
Services 4.3
- --------------------------------------------------------------------
Technology 16.9
- --------------------------------------------------------------------
Transportation 2.7
- --------------------------------------------------------------------
Utilities 2.0
- --------------------------------------------------------------------
Other Assets & Liabilities -2.4
- --------------------------------------------------------------------
TOTAL 100.0%
- --------------------------------------------------------------------
</Table>
77
THE HARTFORD ADVISERS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 67.8%
BASIC MATERIALS -- 3.7%
329 3M Co. ................................. $ 25,174
138 Air Products and Chemicals, Inc. ....... 8,111
777 Alcoa, Inc. ............................ 22,543
425 DuPont (E.I.) de Nemours & Co. ......... 19,998
188 Rio Tinto plc........................... 5,671
----------
81,497
----------
CAPITAL GOODS -- 4.7%
51 Boeing Co. ............................. 3,041
177 Deere & Co. ............................ 11,045
338 Illinois Tool Works, Inc. .............. 28,365
266 International Game Technology........... 7,142
305 Northrop Grumman Corp. ................. 16,726
355 United Technologies Corp. .............. 36,090
----------
102,409
----------
CONSUMER CYCLICAL -- 5.8%
322 Caterpillar, Inc. ...................... 28,317
449 Costco Wholesale Corp. ................. 18,220
820 Gap, Inc. .............................. 17,513
808 Home Depot, Inc. ....................... 28,582
242 NIKE, Inc. Class B...................... 18,588
198 Target Corp. ........................... 9,206
156 Wal-Mart Stores, Inc. .................. 7,330
----------
127,756
----------
CONSUMER STAPLES -- 6.5%
188 Anheuser-Busch Companies, Inc. ......... 8,797
703 Coca-Cola Co. .......................... 30,517
234 Colgate-Palmolive Co. .................. 11,631
403 General Mills, Inc. .................... 19,883
563 PepsiCo, Inc. .......................... 31,314
743 Procter & Gamble Co. H.................. 40,244
----------
142,386
----------
ENERGY -- 7.5%
292 BHP Billiton Ltd. ADR H................. 7,379
523 ChevronTexaco Corp. .................... 27,217
114 ConocoPhillips.......................... 11,911
66 Devon Energy Corp. ..................... 2,995
1,033 Exxon Mobil Corp. ...................... 58,918
86 GlobalSantaFe Corp. .................... 2,873
139 Occidental Petroleum Corp. ............. 9,619
447 Schlumberger Ltd. ...................... 30,552
115 Total S.A. ADR.......................... 12,721
----------
164,185
----------
FINANCE -- 11.4%
936 American International Group, Inc. ..... 47,584
741 Bank of America Corp. .................. 33,361
1,280 Citigroup, Inc. ........................ 60,100
103 Credit Suisse Group ADR................. 4,326
325 Federal National Mortgage Association... 17,545
144 General Growth Properties, Inc. ........ 5,628
681 Marsh & McLennan Companies, Inc. ....... 19,100
418 Morgan Stanley.......................... 22,006
256 St. Paul Travelers Companies, Inc. ..... 9,155
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
FINANCE -- (CONTINUED)
502 State Street Corp. H.................... $ 23,194
53 Wellpoint, Inc. B....................... 6,796
----------
248,795
----------
HEALTH CARE -- 10.5%
488 Abbott Laboratories..................... 24,000
598 Amgen, Inc. B........................... 34,821
129 AstraZeneca plc ADR..................... 5,652
120 Forest Laboratories, Inc. B............. 4,271
258 Genzyme Corp. B......................... 15,110
156 Gilead Sciences, Inc. B................. 5,791
553 Lilly (Eli) & Co. ...................... 32,340
656 Medtronic, Inc. ........................ 34,566
1,832 Pfizer, Inc. ........................... 49,778
68 Sanofi-Aventis S.A. ADR................. 2,995
261 Schering-Plough Corp. .................. 5,445
306 Wyeth................................... 13,752
----------
228,521
----------
SERVICES -- 2.6%
761 Accenture Ltd. Class A B................ 16,503
35 FedEx Corp. ............................ 3,007
117 Gannett Co., Inc. H..................... 9,009
52 Starwood Hotels & Resorts Worldwide,
Inc. ................................. 2,831
113 Tribune Co. ............................ 4,373
429 Viacom, Inc. Class B.................... 14,855
224 Walt Disney Co. ........................ 5,924
----------
56,502
----------
TECHNOLOGY -- 15.0%
605 Applied Materials, Inc. B............... 8,998
360 Broadcom Corp. Class A BH............... 10,780
2,117 Cisco Systems, Inc. B................... 36,589
@@ Computer Associates International,
Inc. ................................. 3
58 Electronic Arts, Inc. B................. 3,118
757 EMC Corp. B............................. 9,936
546 First Data Corp. ....................... 20,772
1,749 General Electric Co. ................... 63,296
790 Intel Corp. ............................ 18,581
370 Lockheed Martin Corp. H................. 22,570
3,091 Microsoft Corp. ........................ 78,207
1,243 Motorola, Inc. ......................... 19,061
2,154 Time Warner, Inc. B..................... 36,200
----------
328,111
----------
UTILITIES -- 0.1%
64 Exelon Corp. ........................... 3,163
----------
Total common stock
(cost $1,410,504)..................... $1,483,325
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
MUNICIPAL BONDS -- 0.1%
GENERAL OBLIGATIONS -- 0.1%
$ 2,050 Illinois GO, 5.10%, Taxable Pension,
6-1-2033.............................. $ 2,019
----------
Total municipal bonds
(cost $2,027)......................... $ 2,019
----------
</Table>
The accompanying notes are an integral part of these financial statements.
78
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 3.0%
FINANCE -- 2.0%
$ 7,905 Chase Manhattan Auto Owner Trust, 4.21%,
1-15-2009............................. $ 7,937
10,000 Citibank Credit Card Issuance Trust,
5.65%, 6-16-2008...................... 10,202
10,000 MBNA Credit Card Master Note Trust,
4.95%, 6-15-2009...................... 10,189
10,000 Peco Energy Transition Trust, 6.13%,
3-1-2009.............................. 10,522
2,285 Wells Fargo Mortgage Backed Securities
Trust, 4.54%, 4-25-2035............... 2,278
2,163 Wells Fargo Mortgage Backed Securities
Trust, 4.58%, 3-25-2035............... 2,158
----------
43,286
----------
TRANSPORTATION -- 0.5%
10,000 Connecticut RRB Special Purpose Trust,
6.21%, 12-30-2011..................... 10,812
----------
UTILITIES -- 0.5%
10,000 PSE&G Transition Funding LLC, 6.61%, 6-
15-2015............................... 11,267
----------
Total asset backed and
commercial mortgage securities
(cost $64,388)........................ $ 65,365
----------
CORPORATE BONDS: INVESTMENT GRADE -- 11.5%
BASIC MATERIALS -- 0.6%
4,000 Alcan, Inc., 6.45%, 3-15-2011 H......... $ 4,406
7,000 Alcoa, Inc., 7.375%, 8-1-2010........... 7,911
1,400 Rohm & Haas Co., 7.40%, 7-15-2009....... 1,565
----------
13,882
----------
CAPITAL GOODS -- 0.5%
2,000 Rockwell Automation, Inc., 6.70%,
1-15-2028............................. 2,376
7,000 United Technologies Corp., 7.125%,
11-15-2010............................ 7,913
----------
10,289
----------
CONSUMER CYCLICAL -- 0.6%
655 Centex Home Equity, 4.72%, 10-15-2031... 650
4,000 Dayton Hudson Corp., 5.875%,
11-1-2008............................. 4,212
2,025 Diageo Capital PLC, 4.375%, 5-3-2010.... 2,013
250 Sysco Corp., 6.50%, 8-1-2028............ 296
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
CONSUMER CYCLICAL -- (CONTINUED)
$ 6,000 Wal-Mart Stores, Inc., 6.875%,
8-10-2009............................. $ 6,584
----------
13,755
----------
CONSUMER STAPLES -- 2.0%
4,000 Anheuser-Busch Companies, Inc., 7.55%,
10-1-2030............................. 5,255
5,000 Archer-Daniels-Midland Co., 7.00%,
2-1-2031.............................. 6,161
2,000 Archer-Daniels-Midland Co., 8.125%, 6-1-
2012.................................. 2,431
4,000 Coca-Cola Enterprises, Inc., 5.75%,
11-1-2008............................. 4,198
2,000 Colgate-Palmolive Co., 5.58%,
11-6-2008............................. 2,099
4,906 ConAgra Foods, Inc., 6.70%, 8-1-2027.... 5,707
2,000 Hershey Foods Corp., 7.20%, 8-15-2027... 2,533
500 Pepsi Bottling Group, Inc., 7.00%,
3-1-2029.............................. 613
3,000 PepsiAmericas, Inc., 6.375%, 5-1-2009... 3,207
7,000 Procter & Gamble Co., 9.36%, 1-1-2021... 9,370
2,300 Weyerhaeuser Co., 7.375%, 3-15-2032 H... 2,501
----------
44,075
----------
ENERGY -- 0.5%
7,000 Atlantic Richfield Co., 5.90%,
4-15-2009............................. 7,436
4,000 National Fuel Gas Co., 6.00%,
3-1-2009.............................. 4,202
----------
11,638
----------
FINANCE -- 5.0%
3,675 ACE INA Holdings, Inc., 5.875%,
6-15-2014............................. 3,797
2,000 Allstate Corp., 6.75%, 5-15-2018........ 2,305
250 American General Corp., 6.625%,
2-15-2029............................. 285
4,000 AXA Financial, Inc., 7.00%, 4-1-2028.... 4,729
1,475 Bank of America Corp., 5.875%,
2-15-2009............................. 1,554
3,000 Bank of America Corp., 7.40%,
1-15-2011............................. 3,413
2,000 Bayerische Landesbank NY, 5.65%,
2-1-2009.............................. 2,098
3,700 Berkshire Hathaway Finance Corp., 4.85%,
1-15-2015 M .......................... 3,673
500 BSCH Issuance Ltd., 7.625%, 11-3-2009... 563
750 Citigroup, Inc., 3.625%, 2-9-2009....... 732
1,600 Citigroup, Inc., 6.00%, 10-31-2033...... 1,707
500 Citigroup, Inc., 6.50%, 1-18-2011....... 548
1,980 Credit Suisse First Boston USA, Inc.,
4.875%, 1-15-2015..................... 1,960
</Table>
The accompanying notes are an integral part of these financial statements.
79
THE HARTFORD ADVISERS FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 2,725 ERAC USA Finance Co., 7.35%, 6-15-2008
M .................................... $ 2,956
10,000 Financing Corp., 9.80%, 4-6-2018........ 14,778
545 First Union National Bank, 5.80%,
12-1-2008............................. 572
2,600 HSBC Bank USA, Inc., 3.875%,
9-15-2009............................. 2,538
4,000 International Lease Finance Corp.,
5.75%, 2-15-2007...................... 4,103
6,045 J.P. Morgan Chase & Co., 5.125%, 9-15-
2014 H................................ 6,101
2,000 Jackson National Life Insurance Co.,
8.15%, 3-15-2027 M ................... 2,623
4,000 John Hancock Funds, 7.375%, 2-15-2024
M .................................... 4,824
250 KeyCorp Capital II, 6.875%, 3-17-2029... 275
2,335 Liberty Mutual Group, 5.75%, 3-15-2014
M .................................... 2,332
1,000 MBIA, Inc., 7.00%, 12-15-2025........... 1,165
3,650 Metlife, Inc., 6.375%, 6-15-2034 H...... 4,086
250 National City Corp., 6.875%,
5-15-2019............................. 292
3,100 New England Mutual Life Insurance Co.,
7.875%, 2-15-2024 M .................. 3,964
2,000 Prudential Funding LLC, 6.75%, 9-15-2023
M .................................... 2,269
500 Prudential Insurance Co. of America,
6.375%, 7-23-2006 M .................. 516
500 ReliaStar Financial Corp., 8.00%,
10-30-2006............................ 529
250 Republic New York Capital I, 7.75%,
11-15-2026............................ 269
500 Salomon Smith Barney Holdings, Inc.,
5.875%, 3-15-2006..................... 509
200 State Street Corp., 7.65%, 6-15-2010.... 231
500 Texaco Capital, Inc., 8.625%,
6-30-2010............................. 598
3,000 Torchmark Corp., 8.25%, 8-15-2009....... 3,383
2,000 Toyota Motor Credit Corp., 5.50%, 12-15-
2008.................................. 2,085
4,000 United Health Group, Inc., 5.00%, 8-15-
2014 H................................ 4,056
3,100 US Bank N.A., 4.95%, 10-30-2014......... 3,127
250 Verizon Global Funding Corp., 7.25%,
12-1-2010............................. 281
250 Verizon Global Funding Corp., 7.75%,
12-1-2030............................. 311
3,000 Wachovia Corp., 5.625%, 12-15-2008...... 3,151
4,000 Wells Fargo Bank N.A., 6.45%,
2-1-2011.............................. 4,375
4,165 XL Capital Europe plc, 6.50%,
1-15-2012............................. 4,467
----------
108,130
----------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
HEALTH CARE -- 0.5%
$ 4,000 Becton, Dickinson & Co., 6.70%,
8-1-2028.............................. $ 4,719
685 CVS Corp., 4.875%, 9-15-2014............ 685
1,600 Pharmacia Corp., 6.60%, 12-1-2028....... 1,873
4,000 Wyeth, 6.95%, 3-15-2011................. 4,453
----------
11,730
----------
SERVICES -- 0.8%
7,000 Comcast Cable Communications, Inc.,
6.875%, 6-15-2009..................... 7,599
500 Comcast Cable Communications, Inc.,
8.50%, 5-1-2027....................... 661
4,000 FedEx Corp., 3.50%, 4-1-2009............ 3,874
4,000 Walt Disney Co., 6.375%, 3-1-2012 H..... 4,362
----------
16,496
----------
TECHNOLOGY -- 0.8%
3,000 Cox Communications, Inc., 5.45%, 12-15-
2014 M ............................... 2,989
2,000 Danaher Corp., 6.00%, 10-15-2008........ 2,115
1,800 Deutsche Telekom International Finance
B.V., 8.75%, 6-15-2030................ 2,412
7,725 General Electric Co., 5.00%, 2-1-2013... 7,862
1,000 New York Telephone Co., 6.00%,
4-15-2008............................. 1,034
250 Telecomunicaciones de Puerto Rico, Inc.,
6.65%, 5-15-2006...................... 256
500 Vodafone Group plc, 7.875%, 2-15-2030... 657
----------
17,325
----------
UTILITIES -- 0.2%
500 Alabama Power Co., 7.125%, 10-1-2007.... 532
255 Chilquinta Energia Finance Co. LLC,
6.62%, 4-1-2011 M .................... 281
2,000 Kansas City Power & Light Co., 7.125%,
12-15-2005............................ 2,043
1,150 Northern Border Pipeline Co., 7.75%,
9-1-2009.............................. 1,286
250 TransCanada Pipelines Ltd., 6.49%,
1-21-2009............................. 266
----------
4,408
----------
Total corporate bonds: investment grade
(cost $231,903)....................... $ 251,728
----------
</Table>
The accompanying notes are an integral part of these financial statements.
80
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
U.S. GOVERNMENT SECURITIES -- 15.0%
U.S. TREASURY SECURITIES -- 15.0%
$ 46,800 1.50% 2006 H[ ]......................... $ 46,018
91,300 2.375% 2006 H........................... 90,012
102,550 2.75% 2006 H............................ 101,729
20,800 5.375% 2031 H........................... 23,493
55,240 6.25% 2023 H[ ]......................... 66,387
----------
Total U.S. government securities
(cost $325,322)....................... $ 327,639
----------
U.S. GOVERNMENT AGENCIES -- 1.2%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 0.2%
3,750 2.50% 2013.............................. $ 3,621
----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.3%
5,651 5.00% 2019.............................. 5,697
9 9.00% 2016 -- 2021...................... 11
----------
5,708
----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 0.7%
3,923 6.00% 2023 -- 2035...................... 4,048
1,532 6.00% 2035 I............................ 1,579
4,557 6.50% 2026 -- 2029...................... 4,781
4,654 7.00% 2023 -- 2032...................... 4,939
814 8.00% 2029 -- 2031...................... 882
100 9.00% 2023.............................. 110
----------
16,339
----------
Total U.S. government agencies
(cost $24,854)........................ $ 25,668
----------
Total long-term investments
(cost $2,058,998)..................... $2,155,744
----------
SHORT-TERM INVESTMENTS -- 21.0%
FINANCE -- 1.7%
6,115 CS First Boston Joint Repurchase
Agreement,
2.97%, 5-2-2005....................... $ 6,115
1,033 Deutsche Bank Securities Joint
Repurchase Agreement,
2.90%, 5-2-2005....................... 1,033
10,325 Deutsche Bank Securities Joint
Repurchase Agreement,
2.97%, 5-2-2005....................... 10,325
7,069 J.P. Morgan Chase Joint Repurchase
Agreement, 2.96%,
5-2-2005.............................. 7,069
2,383 UBS Securities, LLC Joint Repurchase
Agreement,
2.95%, 5-2-2005....................... 2,383
10,642 UBS Securities, LLC Joint Repurchase
Agreement,
2.96%, 5-2-2005....................... 10,642
----------
37,567
----------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 19.3%
$355,394 BNY Institutional Cash Reserve Fund..... $ 355,394
66,098 Lehman Brothers Repurchase Agreement.... 66,098
----------
421,492
----------
Total short-term investments
(cost $459,059)....................... $ 459,059
----------
Total investments in securities
(cost $2,518,057) O................... $2,614,803
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 2.46% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $5,671, which represents 0.26% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $2,535,751 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $163,015
Unrealized depreciation........................ (83,963)
--------
Net unrealized appreciation.................... $ 79,052
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement memorandum,
exempt from registration under Section 144A of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or to other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid. The aggregate value of
these securities at April 30, 2005, was $26,427, which represents 1.21% of
total net assets.
I The cost of securities purchased on a when-issued basis at April 30,
2005 was $1,579.
H Security is fully or partially on loan at April 30, 2005.
[ ]Security pledged as initial margin deposit for open futures contracts
at April 30, 2005.
<Table>
<Caption>
UNREALIZED
NUMBER DEPRECIATION
OF AT
DESCRIPTION CONTRACTS POSITION EXPIRATION 4/30/2005
----------- --------- -------- ---------- ------------
CBT 10 Year U.S.
Treasury Note
futures contracts 210 Short June 2005 $(190)
</Table>
@@ Due to the presentation of the financial statements in thousands,
the number of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
81
THE HARTFORD AGGRESSIVE GROWTH ALLOCATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
AFFILIATED INVESTMENT COMPANIES -- 99.1%
EQUITY FUNDS -- 99.1%
117 Hartford Capital Appreciation Fund, Class Y B..... $ 3,959
699 Hartford Disciplined Equity Fund, Class Y......... 7,959
251 Hartford Dividend and Growth Fund, Class Y........ 4,632
202 Hartford Global Leaders Fund, Class Y B........... 3,318
446 Hartford Growth Fund, Class Y B................... 7,273
453 Hartford International Capital Appreciation
Fund,Class Y B.................................. 5,288
302 Hartford International Small Company Fund, Class
Y............................................... 3,961
315 Hartford MidCap Value Fund, Class Y............... 3,960
205 Hartford Small Company Fund, Class Y B............ 3,292
256 Hartford SmallCap Growth Fund, Class Y B.......... 6,578
776 Hartford Value Fund, Class Y...................... 7,957
526 Hartford Value Opportunities Fund, Class Y B...... 7,900
--------
Total equity funds
(cost $65,924).................................. $ 66,077
--------
Total investments in affiliated investment
companies
(cost $65,924) O................................ $ 66,077
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $65,931 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................... $ 504
Unrealized depreciation........................... (358)
-----
Net unrealized appreciation....................... $ 146
=====
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
82
THE HARTFORD BALANCED ALLOCATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
AFFILIATED INVESTMENT COMPANIES -- 99.0%
EQUITY FUNDS -- 60.9%
806 Hartford Capital Appreciation Fund, Class Y B..... $ 27,378
1,154 Hartford Disciplined Equity Fund, Class Y......... 13,135
437 Hartford Dividend and Growth Fund, Class Y........ 8,068
333 Hartford Global Leaders Fund, Class Y B........... 5,481
946 Hartford Growth Fund, Class Y B................... 15,439
494 Hartford Growth Opportunities Fund, Class Y B..... 11,861
1,898 Hartford International Capital Appreciation Fund,
Class Y B....................................... 22,132
1,089 Hartford MidCap Value Fund, Class Y............... 13,692
732 Hartford Small Company Fund, Class Y B............ 11,744
157 Hartford SmallCap Growth Fund, Class Y B.......... 4,036
460 Hartford Stock Fund, Class Y...................... 8,172
1,423 Hartford Value Fund, Class Y...................... 14,584
1,427 Hartford Value Opportunities Fund, Class Y B...... 21,438
--------
Total equity funds
(cost $176,106)................................. $177,160
--------
FIXED INCOME FUNDS -- 36.2%
1,006 Hartford High Yield Fund, Class Y................. $ 7,843
709 Hartford Income Fund, Class Y..................... 7,388
2,555 Hartford Inflation Plus Fund, Class Y............. 28,081
3,489 Hartford Short Duration Fund, Class Y............. 34,720
2,508 Hartford Total Return Bond Fund, Class Y.......... 27,467
--------
Total fixed income funds
(cost $105,861)................................. $105,499
--------
MONEY MARKET FUND -- 1.9%
5,435 Hartford Money Market Fund, Class Y............... $ 5,435
--------
Total money market fund
(cost $5,435)................................... $ 5,435
--------
Total investments in affiliated investment
companies
(cost $287,402) O............................... $288,094
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $287,402 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 2,426
Unrealized depreciation......................... (1,734)
-------
Net unrealized appreciation..................... $ 692
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
83
THE HARTFORD CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 93.7%
BASIC MATERIALS -- 11.8%
2,695 Allegheny Technologies, Inc. ..................... $ 60,377
1,941 Cameco Corp. ..................................... 75,454
2,257 Companhia Vale do Rio Doce ADR H.................. 60,820
1,618 Dow Chemical Co. ................................. 74,315
1,077 Engelhard Corp. .................................. 32,979
1,430 Freeport-McMoRan Copper & Gold, Inc. Class B H.... 49,574
1,800 Gillette Co. ..................................... 92,952
904 Holcim Ltd. ...................................... 54,870
2,500 Huntsman Corp. BH................................. 52,600
617 Inco Ltd. BH...................................... 22,045
3,249 Lyondell Chemical Co. ............................ 81,510
2,000 Rio Tinto plc..................................... 60,395
4,095 Smurfit-Stone Container Corp. B................... 53,688
3,098 Tek Cominco Ltd. Class B.......................... 100,090
679 United States Steel Corp. H....................... 29,043
4,284 Xstrata plc....................................... 74,008
----------
974,720
----------
CAPITAL GOODS -- 7.1%
2,669 Boeing Co. ....................................... 158,853
1,090 Deere & Co. ...................................... 68,181
1,053 Ingersoll-Rand Co. Class A........................ 80,929
1,358 National Oilwell Varco, Inc. B.................... 53,947
1,108 Parker-Hannifin Corp. ............................ 66,431
3,365 Tyco International Ltd. H......................... 105,349
4,153 Xerox Corp. BH.................................... 55,030
----------
588,720
----------
CONSUMER CYCLICAL -- 3.1%
500 Neiman-Marcus Group, Inc. Class A................. 49,160
412 Office Depot, Inc. B.............................. 8,063
5,053 Toyota Motor Corp. ............................... 183,343
348 TRW Automotive Holdings Corp. B................... 6,193
438 TRW Automotive, Inc. B M.......................... 7,801
----------
254,560
----------
CONSUMER STAPLES -- 1.5%
2,237 Bunge Ltd. H...................................... 127,073
----------
ENERGY -- 7.8%
1,149 ConocoPhillips.................................... 120,473
3,160 Devon Energy Corp. ............................... 142,719
917 Kerr-McGee Corp. H................................ 71,190
1,276 Petro-Canada...................................... 70,765
2,242 Suncor Energy, Inc. .............................. 82,648
1,144 Weatherford International Ltd. BH................. 59,680
3,155 XTO Energy, Inc. ................................. 95,179
----------
642,654
----------
FINANCE -- 21.9%
3,028 ACE Ltd. ......................................... 130,100
1,989 American Capital Strategies Ltd. H................ 63,595
4,060 American International Group, Inc. ............... 206,474
2,205 Assurant, Inc. ................................... 72,947
1,504 Capital One Financial Corp. ...................... 106,612
3,866 Citigroup, Inc. .................................. 181,561
4,521 Countrywide Financial Corp. ...................... 163,629
1,000 EFG Eurobank Ergasias S.A. ....................... 30,268
1,245 General Growth Properties, Inc. H................. 48,694
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
FINANCE -- (CONTINUED)
1,590 Goldman Sachs Group, Inc. H....................... $ 169,817
26,611 Hang Lung Properties Ltd. ........................ 40,914
4,808 ICICI Bank Ltd. B M............................... 40,817
1,166 iStar Financial, Inc. ............................ 46,465
1,420 Marsh & McLennan Companies, Inc. ................. 39,811
7 Mitsubishi Tokyo Financial Group, Inc. ........... 64,478
734 ORIX Corp. ....................................... 99,576
101,161 PT Bank Rakyat Indonesia.......................... 28,321
406 Spirit Finance B M................................ 4,205
2,587 St. Paul Travelers Companies, Inc.H............... 92,608
100 Takefuji Corp. ................................... 6,335
447 UBS AG H.......................................... 35,878
2,741 Uniao de Bancos Brasileiros S.A. GDR.............. 90,980
333 Wellpoint, Inc. B................................. 42,541
----------
1,806,626
----------
HEALTH CARE -- 8.2%
329 Amgen, Inc. B..................................... 19,139
2,172 AstraZeneca plc ADR H............................. 95,446
1,756 Forest Laboratories, Inc. B....................... 62,665
3,011 IVAX Corp. BH..................................... 56,906
1,153 Lilly (Eli) & Co. ................................ 67,404
1,578 McKesson Corp. ................................... 58,368
2,191 Millennium Pharmaceuticals, Inc. B................ 19,194
1,134 Monsanto Co. H.................................... 66,458
853 OSI Pharmaceuticals, Inc. BH...................... 40,381
1,326 Sanofi-Aventis S.A. .............................. 117,399
2,293 Teva Pharmaceutical Industries Ltd. ADR H......... 71,640
----------
675,000
----------
SERVICES -- 5.9%
1,461 Cablevision Systems Corp. Class A BH.............. 37,915
2,546 Comcast Corp. Special Class A BH.................. 80,784
794 Fluor Corp. H..................................... 40,923
1,001 Liberty Media International, Inc. Class A B....... 41,503
950 Pixar BH.......................................... 43,453
6,225 Publishing & Broadcasting Ltd. ................... 69,653
1,463 Starwood Hotels & Resorts Worldwide, Inc. ........ 79,478
3,340 Walt Disney Co. .................................. 88,171
----------
481,880
----------
TECHNOLOGY -- 24.8%
863 Agilent Technologies, Inc. B...................... 17,905
4,609 Altera Corp. B.................................... 95,534
1,382 America Movil S.A. de C.V. ADR.................... 68,611
1,980 Amphenol Corp. Class A............................ 78,103
4,178 AT&T Corp. ....................................... 79,915
1,509 Cognex Corp. H.................................... 32,961
2,896 Corning, Inc. B................................... 39,821
1,444 Electronic Arts, Inc. B........................... 77,074
6,240 EMC Corp. B....................................... 81,862
5,200 General Electric Co. ............................. 188,240
93 Google, Inc. BH................................... 20,350
1,945 Hewlett-Packard Co. .............................. 39,812
24,495 Hon Hai Precision Industry Co. Ltd. .............. 116,442
785 International Business Machines Corp. ............ 59,928
796 Lam Research Corp. B.............................. 20,423
3,645 Microsoft Corp. .................................. 92,221
5,537 Oracle Corp. B.................................... 64,003
613 Samsung Electronics Co. Ltd. ..................... 280,577
</Table>
The accompanying notes are an integral part of these financial statements.
84
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
3,400 SBC Communications, Inc. ......................... $ 80,927
9,311 Sprint Corp. H.................................... 207,265
4,427 Symbol Technologies, Inc. ........................ 59,189
4,153 Time Warner, Inc. B............................... 69,809
712 Turkcell Iletisim Hizmet ADR...................... 11,079
1,131 UTStarcom, Inc. BH................................ 10,752
636 Whirlpool Corp. H................................. 39,495
3,009 Yahoo!, Inc. B.................................... 103,847
3,200 ZTE Corp. B....................................... 9,175
----------
2,045,320
----------
TRANSPORTATION -- 1.3%
1,200 ACE Aviation Holdings, Inc. B..................... 32,989
281 ACE Aviation Holdings, Inc. B M................... 7,721
67,533 Air China Ltd. B.................................. 23,825
2,150 JetBlue Airways Corp. BH.......................... 43,109
----------
107,644
----------
UTILITIES -- 0.3%
431 Exelon Corp. ..................................... 21,349
----------
Total common stock
(cost $7,182,611)............................... $7,725,546
----------
PREFERRED STOCKS -- 0.0%
TECHNOLOGY -- 0.0%
6,325 SensAble Technologies, Inc. Class C Private
Placement V..................................... $ @@
----------
Total preferred stocks
(cost $4,000)................................... $ @@
----------
Total long-term investments
(cost $7,186,611)............................... $7,725,546
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 16.6%
FINANCE -- 6.5%
$ 87,356 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 87,356
14,757 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 14,757
147,485 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 147,485
100,971 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 100,971
34,035 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 34,035
152,023 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 152,023
----------
536,627
----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 10.1%
833,807 BNY Institutional Cash Reserve Fund............... 833,807
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY LEND-
ING -- (CONTINUED)
$ 97 Evergreen Institutional Money Market Fund......... $ 97
1,127 Lehman Brothers Repurchase Agreement.............. 1,127
----------
835,031
----------
Total short-term investments
(cost $1,371,658)............................... $1,371,658
----------
Total investments in securities
(cost $8,558,269) O............................. $9,097,204
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 25.79% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $1,230,784, which represents 14.92% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $8,562,701 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation....................... $ 862,466
Unrealized depreciation....................... (327,963)
---------
Net unrealized appreciation................... $ 534,503
=========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
<Caption>
PERIOD
ACQUIRED SHARES/PAR SECURITY COST BASIS
-------- ---------- -------- ----------
SensAble Technologies,
Inc.
Class C Private Placement
2000 6,325 $4,000
</Table>
The aggregate value of these securities at April 30, 2005 rounds to
zero.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $60,544, which represents 0.73%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
85
THE HARTFORD CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DELIVERY DATE (DEPRECIATION)
- ----------- ----------- ------ -------- ------------- --------------
Canadian Dollar Buy $ 1,446 $ 1,457 05/02/05 $(11)
Canadian Dollar Buy 7,868 7,911 05/03/05 (43)
British Pound Sell 11,304 11,282 05/03/05 (22)
British Pound Sell 15,038 15,053 05/04/05 15
British Pound Sell 8,622 8,618 05/05/05 (4)
Japanese Yen Sell 156 155 05/02/05 (1)
Japanese Yen Sell 28 28 05/06/05 @@
----
$(66)
====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
86
THE HARTFORD CONSERVATIVE ALLOCATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
AFFILIATED INVESTMENT COMPANIES -- 99.2%
EQUITY FUNDS -- 39.6%
187 Hartford Capital Appreciation Fund, Class Y B..... $ 6,355
325 Hartford Disciplined Equity Fund, Class Y......... 3,695
172 Hartford Global Leaders Fund, Class Y B........... 2,827
235 Hartford International Capital Appreciation Fund,
Class Y B....................................... 2,739
136 Hartford International Small Company Fund, Class
Y............................................... 1,791
364 Hartford MidCap Value Fund, Class Y............... 4,572
69 Hartford SmallCap Growth Fund, Class Y B.......... 1,775
411 Hartford Stock Fund, Class Y...................... 7,297
362 Hartford Value Opportunities Fund, Class Y B...... 5,436
--------
Total equity funds
(cost $36,149).................................. $ 36,487
--------
FIXED INCOME FUNDS -- 55.6%
922 Hartford High Yield Fund, Class Y................. 7,194
170 Hartford Income Fund, Class Y..................... 1,770
1,251 Hartford Inflation Plus Fund, Class Y............. 13,744
1,592 Hartford Short Duration Fund, Class Y............. 15,845
1,164 Hartford Total Return Bond Fund, Class Y.......... 12,746
--------
Total fixed income funds
(cost $51,569).................................. $ 51,299
--------
MONEY MARKET FUND -- 4.0%
3,633 Hartford Money Market Fund, Class Y............... 3,633
--------
Total money market fund
(cost $3,633)................................... $ 3,633
--------
Total investments in affiliated investment
companies
(cost $91,351) O................................ $ 91,419
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $91,351 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................... $ 623
Unrealized depreciation........................... (555)
-----
Net unrealized appreciation....................... $ 68
=====
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
87
THE HARTFORD DISCIPLINED EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 99.5%
BASIC MATERIALS -- 4.5%
119 Gillette Co. ..................................... $ 6,125
125 Kimberly-Clark Corp. ............................. 7,800
22 Phelps Dodge Corp. ............................... 1,897
--------
15,822
--------
CAPITAL GOODS -- 8.7%
13 Eaton Corp. ...................................... 763
37 General Dynamics Corp. ........................... 3,918
75 Graco, Inc. ...................................... 2,529
90 Ingersoll-Rand Co. Class A........................ 6,934
72 Parker-Hannifin Corp. ............................ 4,340
55 Pitney Bowes, Inc. ............................... 2,460
95 United Technologies Corp. ........................ 9,623
--------
30,567
--------
CONSUMER CYCLICAL -- 5.9%
192 D.R. Horton, Inc. ................................ 5,841
26 Genuine Parts Co. ................................ 1,111
20 Lennar Corp. Class A.............................. 1,004
257 Ltd. Brands, Inc. ................................ 5,574
97 McDonald's Corp. ................................. 2,855
141 Supervalu, Inc. .................................. 4,463
--------
20,848
--------
CONSUMER STAPLES -- 7.5%
175 Altria Group, Inc. ............................... 11,354
54 Procter & Gamble Co. ............................. 2,913
125 UST, Inc. ........................................ 5,725
96 Weyerhaeuser Co. ................................. 6,573
--------
26,565
--------
ENERGY -- 10.2%
104 ChevronTexaco Corp. .............................. 5,387
90 ConocoPhillips.................................... 9,457
57 Devon Energy Corp. ............................... 2,575
88 Exxon Mobil Corp. ................................ 4,996
114 Occidental Petroleum Corp. ....................... 7,866
68 Unocal Corp. ..................................... 3,726
29 Valero Energy Corp. .............................. 1,994
--------
36,001
--------
FINANCE -- 20.3%
93 ACE Ltd. ......................................... 3,995
30 Aetna, Inc. ...................................... 2,187
28 AMBAC Financial Group, Inc. ...................... 1,885
293 Bank of America Corp. ............................ 13,192
85 Capital One Financial Corp. ...................... 6,012
323 Citigroup, Inc. .................................. 15,156
15 Comerica, Inc. ................................... 870
92 Countrywide Financial Corp. ...................... 3,330
96 Federal Home Loan Mortgage Corp. ................. 5,881
77 MBIA, Inc. ....................................... 4,018
39 National City Corp. .............................. 1,311
15 S & P 500 Depositary Receipt...................... 1,760
168 St. Paul Travelers Companies, Inc. ............... 6,014
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
FINANCE -- (CONTINUED)
157 UnumProvident Corp. .............................. $ 2,632
50 XL Capital Ltd. Class A........................... 3,501
--------
71,744
--------
HEALTH CARE -- 12.4%
112 Abbott Laboratories............................... 5,496
70 Amgen, Inc. B..................................... 4,092
26 Cephalon, Inc. B.................................. 1,137
48 Forest Laboratories, Inc. B....................... 1,723
85 Genzyme Corp. B................................... 4,994
104 Gilead Sciences, Inc. B........................... 3,873
108 HCA, Inc. ........................................ 6,053
61 Humana, Inc. B.................................... 2,096
196 King Pharmaceuticals, Inc. B...................... 1,569
243 Pfizer, Inc. ..................................... 6,612
148 Schering-Plough Corp. ............................ 3,080
67 Wyeth............................................. 3,002
--------
43,727
--------
SERVICES -- 5.8%
132 Accenture Ltd. Class A B.......................... 2,867
99 Cendant Corp. .................................... 1,967
54 Comcast Corp. Class A B........................... 1,729
16 McGraw-Hill Companies, Inc. ...................... 1,367
39 Omnicom Group, Inc. .............................. 3,241
162 Viacom, Inc. Class B.............................. 5,615
132 Waste Management, Inc. ........................... 3,758
--------
20,544
--------
TECHNOLOGY -- 21.4%
40 CenturyTel, Inc. ................................. 1,218
380 Cisco Systems, Inc. B............................. 6,573
@@ Computer Associates International, Inc. @@
153 Dell, Inc. B...................................... 5,329
2 Electronic Arts, Inc. B........................... 123
154 First Data Corp. ................................. 5,861
143 General Electric Co. ............................. 5,180
313 Intel Corp. ...................................... 7,350
79 International Business Machines Corp. ............ 5,996
457 Microsoft Corp. .................................. 11,572
398 Motorola, Inc. ................................... 6,101
65 Nextel Communications, Inc. Class A B............. 1,819
192 Oracle Corp. B.................................... 2,220
31 Scientific-Atlanta, Inc. ......................... 945
216 Sprint Corp. ..................................... 4,808
177 Texas Instruments, Inc. .......................... 4,420
367 Time Warner, Inc. B............................... 6,164
--------
75,679
--------
UTILITIES -- 2.8%
28 Ameren Corp. ..................................... 1,453
83 American Electric Power Co., Inc. ................ 2,930
114 Exelon Corp. ..................................... 5,654
--------
10,037
--------
Total common stock
(cost $325,874)................................. $351,534
--------
</Table>
The accompanying notes are an integral part of these financial statements.
88
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- 0.6%
FINANCE -- 0.6%
$320 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 320
54 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 54
541 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 541
370 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 370
125 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 125
557 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 557
--------
Total short-term investments
(cost $1,967)................................... $ 1,967
--------
Total investments in securities
(cost $327,841) O............................... $353,501
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $328,690 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 36,550
Unrealized depreciation........................ (11,739)
--------
Net unrealized appreciation.................... $ 24,811
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
@@ Due to the presentation of the financial statements in thousands,
the number of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
89
THE HARTFORD DIVIDEND AND GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 96.7%
BASIC MATERIALS -- 8.5%
811 Abitibi-Consolidated, Inc. ....................... $ 3,439
915 Alcoa, Inc. ...................................... 26,565
213 Bowater, Inc. .................................... 6,904
507 Companhia Vale do Rio Doce ADR.................... 13,651
1,186 DuPont (E.I.) de Nemours & Co. ................... 55,890
411 Gillette Co. ..................................... 21,224
775 International Paper Co. .......................... 26,588
432 Kimberly-Clark Corp. ............................. 26,972
227 Rio Tinto plc ADR................................. 27,328
519 Rohm & Haas Co. .................................. 22,655
----------
231,216
----------
CAPITAL GOODS -- 5.9%
433 Deere & Co. ...................................... 27,092
348 General Dynamics Corp. ........................... 36,578
295 Honeywell International, Inc. .................... 10,553
479 Parker-Hannifin Corp. ............................ 28,711
552 Pitney Bowes, Inc. ............................... 24,699
190 United Technologies Corp. ........................ 19,357
1,152 Xerox Corp. B..................................... 15,265
----------
162,255
----------
CONSUMER CYCLICAL -- 5.5%
412 Avery Dennison Corp. ............................. 21,542
243 Caterpillar, Inc. ................................ 21,423
770 Family Dollar Stores, Inc. ....................... 20,783
335 Genuine Parts Co. ................................ 14,380
1,223 McDonald's Corp. ................................. 35,831
839 TJX Companies, Inc. .............................. 18,999
198 Wal-Mart Stores, Inc. ............................ 9,338
164 Yum! Brands, Inc. ................................ 7,706
----------
150,002
----------
CONSUMER STAPLES -- 9.5%
722 Altria Group, Inc. ............................... 46,942
737 Coca-Cola Co. .................................... 32,015
513 Coca-Cola Enterprises, Inc. ...................... 10,416
440 Colgate-Palmolive Co. ............................ 21,888
889 EnCana Corp. ..................................... 56,772
474 General Mills, Inc. .............................. 23,396
230 Procter & Gamble Co. ............................. 12,460
507 Tyson Foods, Inc. Class A......................... 8,555
663 Weyerhaeuser Co. ................................. 45,495
----------
257,939
----------
ENERGY -- 13.6%
318 Anadarko Petroleum Corp. ......................... 23,198
705 BP plc ADR........................................ 42,916
1,095 ChevronTexaco Corp. .............................. 56,924
1,644 Exxon Mobil Corp. ................................ 93,764
190 Occidental Petroleum Corp. ....................... 13,131
482 Progress Energy, Inc. ............................ 20,226
675 Royal Dutch Petroleum Co. NY Shares............... 39,319
417 Schlumberger Ltd. ................................ 28,493
501 Total S.A. ADR H.................................. 55,544
----------
373,515
----------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
FINANCE -- 17.4%
341 ACE Ltd. ......................................... $ 14,628
592 American International Group, Inc. H.............. 30,098
1,356 Bank of America Corp. ............................ 61,052
1,687 Citigroup, Inc. .................................. 79,240
441 Federal Home Loan Mortgage Corp. ................. 27,112
160 Franklin Resources, Inc. ......................... 10,954
693 J.P. Morgan Chase & Co. .......................... 24,589
445 Marsh & McLennan Companies, Inc. ................. 12,479
415 MBIA, Inc. ....................................... 21,725
967 MBNA Corp. ....................................... 19,106
439 Merrill Lynch & Co., Inc. ........................ 23,654
350 Metlife, Inc. .................................... 13,607
93 Prudential Financial, Inc. ....................... 5,286
654 State Street Corp. ............................... 30,234
794 Synovus Financial Corp. .......................... 22,259
312 UBS AG............................................ 25,037
507 XL Capital Ltd. Class A........................... 35,649
261 Zions Bancorp..................................... 18,271
----------
474,980
----------
HEALTH CARE -- 9.5%
1,262 Abbott Laboratories............................... 62,040
653 AstraZeneca plc ADR............................... 28,682
619 Baxter International, Inc. ....................... 22,965
62 Cardinal Health, Inc. ............................ 3,445
616 Lilly (Eli) & Co. ................................ 36,012
343 Novartis AG ADR................................... 16,705
751 Pfizer, Inc. ..................................... 20,406
1,817 Schering-Plough Corp. ............................ 37,923
676 Wyeth............................................. 30,388
----------
258,566
----------
SERVICES -- 3.8%
510 Comcast Corp. Class A B........................... 16,378
507 Comcast Corp. Special Class A B................... 16,071
280 Gannett Co., Inc. ................................ 21,560
490 Viacom, Inc. Class B.............................. 16,967
1,138 Waste Management, Inc. ........................... 32,433
----------
103,409
----------
TECHNOLOGY -- 14.9%
403 BellSouth Corp. .................................. 10,670
987 EMC Corp. B....................................... 12,944
302 Emerson Electric Co. ............................. 18,939
1,146 General Electric Co. ............................. 41,489
387 Hewlett-Packard Co. .............................. 7,916
608 International Business Machines Corp. ............ 46,431
1,377 Microsoft Corp. .................................. 34,848
1,975 Motorola, Inc. ................................... 30,301
1,648 SBC Communications, Inc. ......................... 39,227
308 Sony Corp. ADR.................................... 11,296
734 Sprint Corp. H.................................... 16,343
1,084 Texas Instruments, Inc. .......................... 27,062
1,807 Time Warner, Inc. B............................... 30,381
1,399 Verizon Communications, Inc. ..................... 50,100
444 Whirlpool Corp. .................................. 27,542
----------
405,489
----------
</Table>
The accompanying notes are an integral part of these financial statements.
90
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 96.7% -- (CONTINUED)
TRANSPORTATION -- 4.0%
188 Canadian Pacific Railway Ltd. ADR................. $ 6,565
952 CSX Corp. ........................................ 38,212
301 Norfolk Southern Corp. ........................... 9,461
1,160 Southwest Airlines Co. ........................... 17,262
587 Union Pacific Corp. .............................. 37,546
----------
109,046
----------
UTILITIES -- 4.1%
205 Dominion Resources, Inc. H........................ 15,480
1,006 Exelon Corp. ..................................... 49,791
755 FPL Group, Inc. .................................. 30,803
376 Pinnacle West Capital Corp. ...................... 15,759
----------
111,833
----------
Total common stock
(cost $2,357,745)............................... $2,638,250
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 5.0%
FINANCE -- 3.3%
$14,582 CS First Boston Joint Repurchase Agreement,
2.97%, 5-22005.................................. $ 14,582
2,463 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 2,463
24,620 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 24,620
16,855 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005 5-2-2005........................ 16,855
5,682 UBS Securities, LLC .Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 5,682
25,377 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 25,377
----------
89,579
----------
</Table>
<Table>
<Caption>
PRINCIPAL Market
AMOUNT Value U
- --------- ----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 1.7%
$47,833 BNY Institutional Cash Reserve Fund............... $ 47,833
----------
Total short-term investments
(cost $137,412)................................. $ 137,412
----------
Total investments in securities
(cost $2,495,157) O............................. $2,775,662
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 11.99% of total net assets at April 30, 2005.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $2,501,098 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $349,639
Unrealized depreciation........................ (75,075)
--------
Net unrealized appreciation.................... $274,564
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
91
THE HARTFORD EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 98.5%
BASIC MATERIALS -- 11.9%
67 Air Products and Chemicals, Inc. ................. $ 3,941
372 Alcoa, Inc. ...................................... 10,810
260 Dow Chemical Co. ................................. 11,956
191 DuPont (E.I.) de Nemours & Co. ................... 8,983
79 Kimberly-Clark Corp. ............................. 4,929
79 PPG Industries, Inc. ............................. 5,332
--------
45,951
--------
CAPITAL GOODS -- 1.1%
93 Rockwell Automation, Inc. ........................ 4,290
--------
CONSUMER CYCLICAL -- 4.5%
199 Caterpillar, Inc. ................................ 17,495
--------
CONSUMER STAPLES -- 6.4%
135 Altria Group, Inc. ............................... 8,767
89 General Mills, Inc. .............................. 4,403
78 Heinz (H.J.) Co. ................................. 2,868
116 Kellogg Co. ...................................... 5,221
52 Weyerhaeuser Co. ................................. 3,568
--------
24,827
--------
ENERGY -- 11.4%
133 BP plc ADR........................................ 8,124
39 ChevronTexaco Corp. .............................. 2,035
152 ConocoPhillips.................................... 15,909
317 Exxon Mobil Corp. ................................ 18,097
--------
44,165
--------
FINANCE -- 33.4%
6 ACE Ltd. ......................................... 262
414 Bank of America Corp. ............................ 18,664
73 Chubb Corp. ...................................... 5,964
386 Citigroup, Inc. .................................. 18,141
59 Comerica, Inc. ................................... 3,384
28 General Growth Properties, Inc. .................. 1,083
108 Goldman Sachs Group, Inc. ........................ 11,480
227 J.P. Morgan Chase & Co. .......................... 8,056
179 Merrill Lynch & Co., Inc. ........................ 9,673
251 National City Corp. .............................. 8,538
158 PNC Financial Services Group, Inc. ............... 8,423
144 SunTrust Banks, Inc. ............................. 10,508
127 U.S. Bancorp...................................... 3,540
79 Wachovia Corp. ................................... 4,021
57 Washington Mutual, Inc. .......................... 2,368
122 Wells Fargo & Co. ................................ 7,324
107 XL Capital Ltd. Class A........................... 7,538
--------
128,967
--------
HEALTH CARE -- 7.4%
137 Abbott Laboratories............................... 6,749
161 Baxter International, Inc. ....................... 5,983
191 Pfizer, Inc. ..................................... 5,189
232 Wyeth............................................. 10,407
--------
28,328
--------
SERVICES -- 1.1%
54 Gannett Co., Inc. ................................ 4,152
--------
TECHNOLOGY -- 7.8%
112 AT&T Corp. ....................................... 2,135
202 BellSouth Corp. .................................. 5,347
133 Emerson Electric Co. ............................. 8,334
287 SBC Communications, Inc. ......................... 6,824
159 Sprint Corp. ..................................... 3,542
113 Verizon Communications, Inc. ..................... 4,030
--------
30,212
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
TRANSPORTATION -- 2.1%
150 Shell Transport & Trading Co. plc ADR............. $ 8,081
--------
UTILITIES -- 11.4%
40 Constellation Energy Group, Inc. ................. 2,086
160 Dominion Resources, Inc. ......................... 12,049
84 Entergy Corp. .................................... 6,128
168 Exelon Corp. ..................................... 8,306
217 FPL Group, Inc. .................................. 8,868
69 SCANA Corp. ...................................... 2,665
45 TXU Corp. ........................................ 3,878
--------
43,980
--------
Total common stock
(cost $354,295)................................. $380,448
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 1.4%
FINANCE -- 1.4%
$ 875 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 875
148 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 148
1,478 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 1,478
1,012 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 1,012
341 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 341
1,524 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 1,524
--------
Total short-term investments
(cost $5,378)................................... $ 5,378
--------
Total investments in securities
(cost $359,673) O .............................. $385,826
========
</Table>
The accompanying notes are an integral part of these financial statements.
92
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 4.20% of total net assets at April 30, 2005.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $359,700 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $31,869
Unrealized depreciation......................... (5,743)
-------
Net unrealized appreciation..................... $26,126
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
93
THE HARTFORD FOCUS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
COMMON STOCK -- 99.8%
CAPITAL GOODS -- 9.3%
47 Deere & Co. ...................................... $ 2,933
86 International Game Technology..................... 2,323
31 United Technologies Corp. ........................ 3,163
-------
8,419
-------
CONSUMER CYCLICAL -- 8.4%
31 Caterpillar, Inc. ................................ 2,694
101 Home Depot, Inc. ................................. 3,569
18 NIKE, Inc. Class B................................ 1,375
-------
7,638
-------
CONSUMER STAPLES -- 7.0%
59 Coca-Cola Co. .................................... 2,567
71 Procter & Gamble Co. ............................. 3,823
-------
6,390
-------
ENERGY -- 9.9%
31 ConocoPhillips.................................... 3,292
42 Occidental Petroleum Corp. ....................... 2,864
41 Schlumberger Ltd. ................................ 2,798
-------
8,954
-------
FINANCE -- 19.6%
44 American International Group, Inc. ............... 2,217
62 Bank of America Corp. ............................ 2,793
80 Citigroup, Inc. .................................. 3,766
105 Marsh & McLennan Companies, Inc. ................. 2,949
54 Morgan Stanley.................................... 2,863
70 State Street Corp. ............................... 3,250
-------
17,838
-------
HEALTH CARE -- 14.0%
57 Amgen, Inc. B..................................... 3,341
63 Lilly (Eli) & Co. ................................ 3,684
46 Medtronic, Inc. .................................. 2,419
120 Pfizer, Inc. ..................................... 3,260
-------
12,704
-------
SERVICES -- 9.0%
142 Accenture Ltd. Class A B.......................... 3,071
25 FedEx Corp. ...................................... 2,098
39 Gannett Co., Inc. ................................ 3,034
-------
8,203
-------
TECHNOLOGY -- 22.6%
96 Broadcom Corp. Class A B.......................... 2,865
210 Cisco Systems, Inc. B............................. 3,634
48 Lockheed Martin Corp. ............................ 2,907
212 Microsoft Corp. .................................. 5,374
196 Motorola, Inc. ................................... 3,002
162 Time Warner, Inc. B............................... 2,722
-------
20,504
-------
Total common stock
(cost $90,656).................................. $90,650
-------
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
SHORT-TERM INVESTMENTS -- 3.4%
FINANCE -- 3.4%
$499 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 499
84 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 84
843 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 843
577 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 577
195 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 195
869 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 869
-------
Total short-term investments
(cost $3,067)................................... $ 3,067
-------
Total investments in securities
(cost $93,723) O................................ $93,717
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $94,793 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 3,593
Unrealized depreciation......................... (4,669)
-------
Net unrealized depreciation..................... $(1,076)
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
94
THE HARTFORD GLOBAL COMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 92.8%
AUDIO AND VIDEO EQUIPMENT -- 0.2%
@@ Samsung Electronics Co. Ltd. ..................... $ 27
-------
CABLE & OTHER SUBSCRIPTION PROGRAMMING -- 0.3%
1 Comcast Corp. Class A B........................... 39
-------
COMMUNICATIONS EQUIPMENT -- 3.2%
160 ZTE Corp. B....................................... 460
-------
INFORMATION -- SOFTWARE PUBLISHERS -- 7.1%
149 KongZhong Corp. ADR BH............................ 1,045
-------
INTERNET PUBLISHING AND BROADCASTING -- 0.6%
6 FairPoint Communications, Inc. B.................. 87
-------
OTHER INFORMATION SERVICES -- 0.2%
22 Primus Telecommunications Group, Inc. B........... 33
-------
OTHER TELECOMMUNICATIONS -- 39.4%
47 Brasil Telecom S.A. ADR H......................... 572
560 China Telecom Corp. Ltd. ......................... 191
36 France Telecom S.A. .............................. 1,064
6 KT Corp. ADR...................................... 129
27 P.T. Telekomunikasi Indonesia ADR................. 481
125 Telecom Italia S.p.A. H........................... 353
24 Telekom Austria AG M.............................. 460
24 Telemar Norte Leste S.A. ......................... 528
69 Telenor ASA M..................................... 576
20 Telkom South Africa Ltd. ADR...................... 1,420
-------
5,774
-------
TELECOMMUNICATION RESELLERS -- 2.6%
4 Chunghwa Telecom Co. Ltd. ADR..................... 87
1 Maroc Telecom BM.................................. 9
6 Telefonica S.A. ADR............................... 286
-------
382
-------
WIRED TELECOMMUNICATIONS CARRIERS -- 9.6%
26 Deutsche Telekom AG BH............................ 495
184 Eircom Group plc M................................ 444
7 General Communication, Inc. Class A B............. 61
49 Koninklijke (Royal) KPN N.V. ..................... 413
-------
1,413
-------
WIRELESS COMMUNICATIONS SERVICES -- 3.2%
236 Dobson Communications Corp. B..................... 471
-------
WIRELESS TELECOMMUNICATIONS CARRIERS -- 26.4%
38 Citizens Communications Co. ...................... 482
47 Nextel Communications, Inc. Class A B............. 1,321
34 Philippine Long Distance Telephone Co. B.......... 862
46 Turkcell Iletisim Hizmet ADR...................... 708
69 UbiquiTel, Inc. B................................. 498
-------
3,871
-------
Total common stock
(cost $12,256).................................. $13,602
-------
PREFERRED STOCKS -- 4.2%
INFORMATION -- OTHER TELECOMMUNICATIONS -- 4.2%
42 Tele Norte Leste Participacoes S.A. ADR........... $ 616
-------
Total preferred stocks
(cost $594)..................................... $ 616
-------
Total long-term investments
(cost $12,850).................................. $14,218
-------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- 17.1%
BANKING -- 1.4%
$ 33 CS First Boston Joint Repurchase Agreement, 2.97%,
5-2-2005........................................ $ 33
6 Deutsche Bank Securities Joint Repurchase
Agreement, 2.90%, 5-2-2005...................... 6
56 Deutsche Bank Securities Joint Repurchase
Agreement, 2.97%, 5-2-2005...................... 56
38 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 38
13 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 13
58 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 58
-------
204
-------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY -- 15.7%
2,305 BNY Institutional Cash Reserve Fund............... 2,305
-------
Total short-term investments
(cost $2,509)................................... $ 2,509
-------
Total investments in securities
(cost $15,359) O................................ $16,727
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 76.6% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $4,886, which represents 33.34% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $15,359 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $2,489
Unrealized depreciation.......................... (1,121)
------
Net unrealized appreciation...................... $1,368
======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement memorandum,
exempt from registration under Section 144A of the Securities Act of 1933,
as amended, and may be sold only to dealers in that program or to other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid. The aggregate value of
these securities at April 30, 2005, was $1,489, which represents 10.16% of
total net assets.
H Security is fully or partially on loan at April 30, 2005.
@@ 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.
95
THE HARTFORD GLOBAL FINANCIAL SERVICES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
COMMON STOCK -- 99.3%
AGENCIES, BROKERAGES, OTHER INSURANCE ACTIVITIES -- 1.9%
13 Marsh & McLennan Companies, Inc. ................. $ 370
-------
COMMERCIAL BANKING -- 11.8%
81 Capitalia S.p.A. H................................ 435
12 UBS AG H.......................................... 967
62 Westpac Banking Corp. ............................ 945
-------
2,347
-------
CONSUMER LENDING -- 1.9%
6 Takefuji Corp. ................................... 370
-------
DEPOSITORY CREDIT BANKING -- 33.9%
55 Banco Bilbao Vizcaya Argentaria S.A. H............ 848
22 Bank of America Corp. ............................ 973
4 Bank of Hawaii Corp. ............................. 194
13 Canadian Western Bank............................. 292
21 Citigroup, Inc. .................................. 972
17 Golden West Financial Corp. ...................... 1,041
38 Hibernia Corp. Class A............................ 1,180
37 HSBC Holdings plc................................. 595
7 Northern Trust Corp. ............................. 293
18 United Overseas Bank Ltd. H....................... 157
4 Webster Financial Corp. .......................... 182
-------
6,727
-------
INSURANCE CARRIERS -- 23.7%
21 ACE Ltd. ......................................... 881
8 AMBAC Financial Group, Inc. ...................... 535
16 American International Group, Inc. ............... 788
91 Banca Intesa S.p.A. H............................. 435
7 MBIA, Inc. ....................................... 388
3 Prudential Financial, Inc. ....................... 177
12 Reinsurance Group of America...................... 519
21 St. Paul Travelers Companies, Inc. ............... 759
13 UnumProvident Corp. .............................. 217
-------
4,699
-------
INTERNATIONAL TRADE FINANCING (FOREIGN BANKS) -- 6.9%
16 Bayerische Hypo-und Vereinsbank AG B.............. 374
33 Royal Bank of Scotland Group plc.................. 998
-------
1,372
-------
MONETARY AUTHORITIES -- CENTRAL BANK -- 4.3%
5 Canadian Imperial Bank of Commerce H.............. 279
@@ Mitsubishi Tokyo Financial Group, Inc. H.......... 570
-------
849
-------
NONDEPOSITORY CREDIT BANKING -- 1.9%
6 Federal Home Loan Mortgage Corp. ................. 369
-------
OTHER FINANCIAL INVESTMENT ACTIVITIES -- 5.5%
6 Franklin Resources, Inc. ......................... 412
35 Nordea Bank AB H.................................. 335
7 State Street Corp. ............................... 342
-------
1,089
-------
REAL ESTATE CREDIT (MORTGAGE BANKING) -- 2.3%
13 Countrywide Financial Corp. ...................... 456
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
SECURITIES, COMMODITIES AND BROKERAGE -- 5.2%
5 Goldman Sachs Group, Inc. ........................ $ 502
10 Merrill Lynch & Co., Inc. ........................ 539
-------
1,041
-------
Total common stock
(cost $17,911).................................. $19,689
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 18.2%
BANKING -- 0.0%
$ 1 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 1
@@ Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. @@
3 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 3
2 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 2
1 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 1
3 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 3
-------
10
-------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 18.2%
3,605 Navigator Prime Portfolio......................... 3,605
-------
Total short-term investments
(cost $3,615)................................... $ 3,615
-------
Total investments in securities
(cost $21,526) O................................ $23,304
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 38.31% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $7,029, which represents 35.43% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $21,683 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $2,490
Unrealized depreciation.......................... (869)
------
Net unrealized appreciation...................... $1,621
======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
@@ Due to the presentation of the financial statements in thousands,
the number of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
96
THE HARTFORD GLOBAL HEALTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 65.9%
BASIC CHEMICAL MANUFACTURING -- 0.7%
101 Bayer AG H........................................ $ 3,314
--------
DATA PROCESSING SERVICES -- 1.2%
371 NDCHealth Corp. H................................. 5,671
--------
DRUGS & DRUGGISTS SUNDRIES WHOLESALERS -- 1.9%
243 McKesson Corp. ................................... 9,002
--------
DRUGS AND DRUGGISTS' SUNDRIES MERCHANT -- 0.4%
3 Serono S.A. Class B H............................. 2,071
--------
ELECTRICAL EQUIP MANUFACTURING -- 0.6%
138 Olympus Corp. H................................... 2,789
--------
ELECTROMEDICAL MANUFACTURING -- 3.5%
307 Medtronic, Inc. .................................. 16,189
--------
GENERAL MEDICAL AND SURGICAL HOSPITALS -- 1.5%
136 Triad Hospitals, Inc. BH.......................... 6,970
--------
HEALTH AND PERSONAL CARE STORES -- 1.1%
1,345 Rite Aid Corp. H.................................. 4,882
--------
INSURANCE CARRIERS -- 2.7%
85 Aetna, Inc. ...................................... 6,266
105 PacifiCare Health Systems, Inc. B................. 6,257
--------
12,523
--------
MEDICAL EQUIPMENT & SUPPLIES MANUFACTURING -- 2.4%
242 Baxter International, Inc. ....................... 8,989
62 Terumo Corp. ..................................... 1,839
--------
10,828
--------
NAVIGATE, MEASURE, CONTROL INSTRUMENTS -- 0.9%
42 Beckman Coulter, Inc. ............................ 2,809
394 Bruker BioSciences Corp. BH....................... 1,284
--------
4,093
--------
OFFICES OF PHYSICIANS -- 0.6%
62 Edwards Lifesciences Corp. BH..................... 2,735
--------
OUTPATIENT CARE CENTERS -- 1.4%
196 Health Net, Inc. B................................ 6,677
--------
PHARMACEUTICAL & MEDICINE MANUFACTURING -- 39.0%
350 Abbott Laboratories............................... 17,196
31 Abgenix, Inc. BH.................................. 214
212 Amylin Pharmaceuticals, Inc. BH................... 3,606
102 Array BioPharma, Inc. BH.......................... 631
310 Astellas Pharma, Inc. ............................ 11,210
415 AstraZeneca plc ADR............................... 18,244
112 AtheroGenics, Inc. BH............................. 1,204
74 Cephalon, Inc. BH................................. 3,244
102 Cytokinetics, Inc. BH............................. 501
232 Eisai Co. Ltd. ................................... 7,717
194 Forest Laboratories, Inc. B....................... 6,922
147 Genzyme Corp. B................................... 8,592
147 Hospira, Inc. B................................... 4,920
393 King Pharmaceuticals, Inc. B...................... 3,144
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
PHARMACEUTICAL & MEDICINE
MANUFACTURING -- (CONTINUED)
187 Lilly (Eli) & Co. ................................ $ 10,916
200 Novartis AG....................................... 9,732
76 NPS Pharmaceuticals, Inc. BH...................... 922
12 Onyx Pharmaceuticals, Inc. BH..................... 358
26 OSI Pharmaceuticals, Inc. BH...................... 1,212
470 Sankyo Co. Ltd. H................................. 9,789
242 Sanofi-Aventis S.A. ADR........................... 10,720
45 Schering AG H..................................... 2,967
1,000 Schering-Plough Corp. ............................ 20,870
52 Schwarz Pharma AG H............................... 2,330
522 Shionogi & Co. Ltd. H............................. 7,254
66 Takeda Pharmaceutical Co. Ltd. ................... 3,217
64 UCB S.A. H........................................ 3,090
152 Watson Pharmaceuticals, Inc. BH................... 4,545
103 Wyeth............................................. 4,633
--------
179,900
--------
PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES -- 0.5%
312 Exelixis, Inc. BH................................. 2,138
--------
SCIENTIFIC RESEARCH & DEVELOPMENT SERVICES -- 7.5%
288 Applera Corp. -- Celera Genomics Group BH......... 2,652
667 Ciphergen Biosystems, Inc. BH..................... 1,001
145 CV Therapeutics, Inc. BH.......................... 2,864
412 Elan Corp. plc ADR B.............................. 2,269
113 Genentech, Inc. B................................. 8,009
73 Gilead Sciences, Inc. B........................... 2,712
301 Human Genome Sciences, Inc. BH.................... 3,107
57 ICOS Corp. BH..................................... 1,290
215 Incyte Corp. BH................................... 1,403
156 Medicines Co. BH.................................. 3,335
423 Millennium Pharmaceuticals, Inc. BH............... 3,709
177 Regeneron Pharmaceutical, Inc. BH................. 986
69 Zymogenetics, Inc. BH............................. 1,059
--------
34,396
--------
Total common stock
(cost $291,999)................................. $304,178
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 46.3%
BANKING -- 34.0%
$25,595 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 25,595
4,324 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 4,324
43,213 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 43,213
29,584 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 29,584
</Table>
The accompanying notes are an integral part of these financial statements.
97
THE HARTFORD GLOBAL HEALTH FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- (CONTINUED)
BANKING -- (CONTINUED)
$ 9,972 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. $ 9,972
44,543 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 44,543
--------
157,231
--------
SECURITIES PURCHASED WITH PROCEEDS
FROM SECURITY LENDING 12.3%
56,636 Navigator Prime Portfolio......................... 56,636
--------
Total short-term investments
(cost $213,867)................................. $213,867
--------
Total investments in securities
(cost $505,866) O............................... $518,045
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 21.35% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $67,318, which represents 14.58% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $506,699 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 34,654
Unrealized depreciation........................ (23,308)
--------
Net unrealized appreciation.................... $ 11,346
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
98
THE HARTFORD GLOBAL LEADERS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 96.6%
CANADA -- 4.7%
66 Canadian National Railway Co. .................... $ 3,774
101 Canadian Pacific Railway Ltd. .................... 3,510
278 Inco Ltd. BH...................................... 9,932
142 Petro-Canada...................................... 7,900
103 Research In Motion Ltd. B......................... 6,660
--------
31,776
--------
FINLAND -- 2.3%
985 Nokia Oyj ADR..................................... 15,745
--------
FRANCE -- 4.5%
278 AXA H............................................. 6,956
64 Carrefour S.A. H.................................. 3,108
124 Groupe Danone H................................... 11,657
58 Pernod-Ricard H................................... 8,802
--------
30,523
--------
GERMANY -- 2.5%
595 Bayerische Hypo-und Vereinsbank AG B.............. 14,175
34 Commerzbank AG.................................... 736
26 Merck KGaA........................................ 1,984
--------
16,895
--------
HONG KONG -- 2.4%
6,333 CNOOC Ltd. ....................................... 3,407
1,740 Esprit Holdings Ltd. V............................ 12,959
--------
16,366
--------
IRELAND -- 0.3%
59 Ryanair Holdings plc ADR BH....................... 2,349
--------
ITALY -- 0.6%
160 ENI-Ente Nazionale Idrocarburi S.p.A. H........... 4,034
--------
JAPAN -- 4.6%
50 Bank of Yokohama Ltd. ............................ 286
207 Eisai Co. Ltd. ................................... 6,884
@@ Japan Tobacco, Inc. .............................. 6,246
1 Mitsubishi Tokyo Financial Group, Inc. H.......... 4,883
434 Nippon Electric Glass Co. Ltd. H.................. 6,897
20 ORIX Corp. ....................................... 2,715
115 Terumo Corp. ..................................... 3,413
--------
31,324
--------
LUXEMBOURG -- 0.8%
416 SES Global........................................ 5,556
--------
MEXICO -- 1.3%
157 Grupo Televisa S.A. ADR........................... 8,837
--------
NETHERLANDS -- 3.9%
179 Koninklijke (Royal) KPN N.V. B.................... 7,389
2,485 Koninklijke Ahold N.V. B.......................... 18,803
--------
26,192
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
SOUTH KOREA -- 2.1%
233 L.G. Philips LCD Co. Ltd. BH...................... $ 10,880
7 Samsung Electronics Co. Ltd. ..................... 3,046
--------
13,926
--------
SPAIN -- 0.9%
401 Banco Bilbao Vizcaya Argentaria S.A. ............. 6,207
--------
SWEDEN -- 1.3%
2,891 Telefonaktiebolaget LM Ericsson BH................ 8,556
--------
SWITZERLAND -- 5.8%
228 Credit Suisse Group H............................. 9,599
123 Roche Holding AG.................................. 14,863
144 UBS AG H.......................................... 11,520
18 Zurich Financial Services AG...................... 3,068
--------
39,050
--------
TAIWAN -- 5.1%
1,171 AU Optronics Corp. ADR B.......................... 18,994
6,786 Chi Mei Optoelectronics Corp. .................... 11,502
468 Taiwan Semiconductor Manufacturing Co. Ltd. ADR... 4,030
--------
34,526
--------
UNITED KINGDOM -- 13.3%
400 AstraZeneca plc................................... 17,510
1,951 Capita Group plc.................................. 14,071
3,633 Carphone Warehouse Group plc...................... 10,297
4,287 EMI Group plc..................................... 19,558
428 GUS plc........................................... 6,848
104 Reckitt Benckiser plc............................. 3,371
334 Standard Chartered plc............................ 6,022
4,597 Vodafone Group plc................................ 12,015
--------
89,692
--------
UNITED STATES -- 40.2%
287 Abbott Laboratories............................... 14,094
79 Aetna, Inc. ...................................... 5,767
191 Altria Group, Inc. ............................... 12,420
335 Baxter International, Inc. ....................... 12,429
693 Cisco Systems, Inc. B............................. 11,968
247 Citigroup, Inc. .................................. 11,592
451 Comcast Corp. Special Class A B................... 14,294
45 ConocoPhillips.................................... 4,687
975 Corning, Inc. B................................... 13,406
134 Dell, Inc. B...................................... 4,664
54 Electronic Arts, Inc. B........................... 2,888
143 Exxon Mobil Corp. ................................ 8,155
120 Genentech, Inc. B................................. 8,541
288 Gilead Sciences, Inc. B........................... 10,670
58 Goldman Sachs Group, Inc. ........................ 6,162
522 IVAX Corp. BH..................................... 9,872
66 Lehman Brothers Holdings, Inc. ................... 6,054
307 Microsoft Corp. .................................. 7,770
308 Motorola, Inc. ................................... 4,719
158 OSI Pharmaceuticals, Inc. BH...................... 7,498
262 Pixar BH.......................................... 11,984
277 Procter & Gamble Co. ............................. 14,989
</Table>
The accompanying notes are an integral part of these financial statements.
99
THE HARTFORD GLOBAL LEADERS FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
UNITED STATES -- (continued)
794 Schering-Plough Corp. ............................ $ 16,577
1,506 Sirius Satellite Radio, Inc. BH................... 7,168
89 Starwood Hotels & Resorts Worldwide, Inc. ........ 4,836
139 Transocean, Inc. BH............................... 6,464
348 Viacom, Inc. Class B.............................. 12,044
380 Yahoo!, Inc. B.................................... 13,103
130 Yum! Brands, Inc. ................................ 6,122
--------
270,937
--------
Total common stock (cost $639,271)................ $652,491
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 16.9%
UNITED STATES -- 16.9%
$114,270 Navigator Prime Portfolio......................... $114,270
--------
Total short-term investments (cost $114,270)...... $114,270
--------
Total investments in securities
(cost $753,541) O............................... $766,761
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 56.48% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $232,427, which represents 34.41% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $760,115 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 24,296
Unrealized depreciation........................ (17,650)
--------
Net unrealized appreciation.................... $ 6,646
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
<Caption>
PERIOD COST
ACQUIRED SHARES/PAR SECURITY BASIS
-------- ---------- -------- ------
2004 1,740 Esprit Holdings $8,341
</Table>
The aggregate value of these securities at April 30, 2005 was
$12,959, which represents 1.92% of total net assets.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION MARKET VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ----------- ------------ -------- -------- --------------
Euro Sell $6,589 $6,627 5/2/2005 $ 38
Euro Buy 321 321 5/4/2005 @@
Japanese Yen Sell 1,944 1,926 5/2/2005 (18)
Japanese Yen Sell 1,328 1,315 5/6/2005 (13)
Japanese Yen Sell 707 700 5/9/2005 (7)
----
$ @@
====
</Table>
@@Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
100
THE HARTFORD GLOBAL TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
COMMON STOCK -- 99.7%
AUDIO AND VIDEO EQUIPMENT -- 1.0%
13 Sony Corp. ....................................... $ 491
-------
COMMUNICATIONS EQUIPMENT -- 14.3%
108 Cisco Systems, Inc. B............................. 1,865
112 Motorola, Inc. ................................... 1,721
154 Nokia Oyj ADR..................................... 2,461
31 Scientific-Atlanta, Inc. ......................... 951
-------
6,998
-------
COMPUTER AND PERIPHERAL -- 11.7%
55 EMC Corp. B....................................... 720
89 Hewlett-Packard Co. .............................. 1,822
337 Hon Hai Precision Industry Co. Ltd. .............. 1,602
28 Hutchinson Technology, Inc. B..................... 1,033
8 NAVTEQ Corp. B.................................... 295
21 Symbol Technologies, Inc. ........................ 278
-------
5,750
-------
COMPUTER SYSTEMS DESIGN & RELATED SERVICES -- 5.3%
9 Automatic Data Processing, Inc. .................. 382
65 BISYS Group, Inc. B............................... 911
29 DST Systems, Inc. B............................... 1,298
-------
2,591
-------
DATA PROCESSING SERVICES -- 4.5%
58 First Data Corp. ................................. 2,187
-------
ELECTRICAL EQUIPMENT MANUFACTURING -- COMPONENT
OTHER -- 3.1%
112 Corning, Inc. B................................... 1,541
-------
INFORMATION -- SOFTWARE PUBLISHERS -- 15.0%
38 Electronic Arts, Inc. B........................... 2,034
164 Microsoft Corp. .................................. 4,137
46 Red Hat, Inc. BH.................................. 489
33 Salesforce.com, Inc. B............................ 478
11 Serena Software, Inc. B........................... 211
-------
7,349
-------
INTERNET PROVIDERS & WEB SEARCH PORT -- 11.0%
8 Google, Inc. B.................................... 1,782
32 S1 Corp. B........................................ 170
99 Yahoo!, Inc. B.................................... 3,427
-------
5,379
-------
MANAGEMENT, SCIENTIFIC, AND TECH CONSULTING SERVICES --2.3%
42 Accenture Ltd. Class A B.......................... 920
9 Monster Worldwide, Inc. B......................... 207
-------
1,127
-------
OTHER INFORMATION SERVICES -- 1.6%
34 Juniper Networks, Inc. B.......................... 764
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
OTHER SERVICES -- OTHER PERSONAL SERVICES -- 0.5%
9 TaTa Consulting M................................. $ 242
-------
RETAIL -- ELECTRONIC SHOPPING AND MAIL-ORDER HOUSES -- 1.4%
22 eBay, Inc. B...................................... 698
-------
SEMICONDUCTOR, ELECTRONIC COMPONENTS -- 25.9%
28 Altera Corp. B.................................... 584
44 Analog Devices, Inc. ............................. 1,487
31 ASML Holding N.V. B............................... 448
101 Fairchild Semiconductor International, Inc. B..... 1,357
70 Flextronics International Ltd. B.................. 778
33 Intel Corp. ...................................... 774
29 Jabil Circuit, Inc. B............................. 787
75 Lam Research Corp. B.............................. 1,913
16 Marvell Technology Group Ltd. B................... 549
35 Maxim Integrated Products, Inc. .................. 1,313
181 ON Semiconductor Corp. B.......................... 622
83 Texas Instruments, Inc. .......................... 2,082
-------
12,694
-------
WASTE MANAGEMENT -- BUSINESS SUPPORT SERVICES -- 1.3%
21 Iron Mountain, Inc. B............................. 612
-------
WASTE MANAGEMENT -- EMPLOYMENT SERVICES -- 0.8%
10 Manpower, Inc. ................................... 382
-------
Total common stock
(cost $48,898).................................. $48,805
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 1.0%
BANKING -- 0.2%
$ 15 CS First Boston Joint Repurchase Agreement, 2.97%,
5-2-2005........................................ $ 15
2 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 2
26 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 26
18 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 18
6 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 6
27 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 27
-------
94
-------
</Table>
The accompanying notes are an integral part of these financial statements.
101
THE HARTFORD GLOBAL TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 0.8%
$390 BNY Institutional Cash Reserve Fund............... $ 390
-------
Total short-term investments
(cost $484)..................................... $ 484
-------
Total investments in securities
(cost $49,382) O................................ $49,289
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 12.93% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $2,093, which represents 4.28% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $50,583 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 1,917
Unrealized depreciation......................... (3,211)
-------
Net unrealized depreciation..................... $(1,294)
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $242, which represents 0.49% of
total net assets.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
102
THE HARTFORD GROWTH ALLOCATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
AFFILIATED INVESTMENT COMPANIES -- 98.6%
EQUITY FUNDS -- 79.0%
766 Hartford Capital Appreciation Fund, Class Y B..... $ 26,008
1,880 Hartford Disciplined Equity Fund, Class Y......... 21,399
510 Hartford Dividend and Growth Fund, Class Y........ 9,419
722 Hartford Global Leaders Fund, Class Y B........... 11,890
724 Hartford Growth Fund, Class Y B................... 11,821
1,625 Hartford International Capital Appreciation Fund,
Class Y B....................................... 18,949
535 Hartford International Small Company Fund, Class
Y............................................... 7,022
559 Hartford MidCap Value Fund, Class Y............... 7,021
882 Hartford Small Company Fund, Class Y B............ 14,157
642 Hartford SmallCap Growth Fund, Class Y B.......... 16,501
2,316 Hartford Value Fund, Class Y...................... 23,741
1,416 Hartford Value Opportunities Fund, Class Y B...... 21,272
--------
Total equity funds
(cost $188,894)................................. $189,200
--------
FIXED INCOME FUNDS -- 19.6%
1,502 Hartford Inflation Plus Fund, Class Y............. $ 16,507
708 Hartford Short Duration Fund, Class Y............. 7,043
1,503 Hartford Total Return Bond Fund, Class Y.......... 16,459
739 Hartford U.S. Government Securities Fund, Class
Y............................................... 7,055
--------
Total fixed income funds
(cost $46,966).................................. $ 47,064
--------
Total investments in affiliated investment
companies
(cost $235,860) O............................... $236,264
========
</Table>
Note: Percentage of investments as shown is the ratio of the total
market value to total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $235,860 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 1,432
Unrealized depreciation......................... (1,028)
-------
Net unrealized appreciation..................... $ 404
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities
The accompanying notes are an integral part of these financial statements.
103
THE HARTFORD GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 97.1%
CAPITAL GOODS -- 3.3%
306 Boeing Co. ....................................... $ 18,237
151 General Dynamics Corp. ........................... 15,867
----------
34,104
----------
CONSUMER CYCLICAL -- 9.9%
190 Abercrombie & Fitch Co. Class A................... 10,251
480 CDW Corp. ........................................ 26,266
183 Coach, Inc. B..................................... 4,910
847 eBay, Inc. B...................................... 26,878
170 Johnson Controls, Inc. ........................... 9,355
189 Lennar Corp. Class A.............................. 9,723
530 PetsMart, Inc. ................................... 14,127
----------
101,510
----------
CONSUMER STAPLES -- 1.5%
288 Procter & Gamble Co. ............................. 15,610
----------
ENERGY -- 4.2%
250 Halliburton Co. H................................. 10,383
427 Petro-Canada...................................... 23,690
214 Petroleo Brasileiro S.A. ADR H.................... 8,973
----------
43,046
----------
FINANCE -- 12.0%
263 Aetna, Inc. ...................................... 19,311
224 Capital One Financial Corp. ...................... 15,870
1,519 Countrywide Financial Corp. ...................... 54,977
180 Golden West Financial Corp. ...................... 11,197
123 Progressive Corp. ................................ 11,266
80 Wellpoint, Inc. B................................. 10,247
----------
122,868
----------
HEALTH CARE -- 19.7%
543 Abbott Laboratories............................... 26,705
1,110 AstraZeneca plc ADR............................... 48,796
147 Coventry Health Care, Inc. B...................... 10,089
323 Forest Laboratories, Inc. B....................... 11,521
147 Genzyme Corp. B................................... 8,607
338 Gilead Sciences, Inc. B........................... 12,532
153 Lilly (Eli) & Co. ................................ 8,923
688 Medtronic, Inc. .................................. 36,256
289 Sanofi-Aventis S.A. ADR H......................... 12,838
1,259 Schering-Plough Corp. ............................ 26,272
----------
202,539
----------
SERVICES -- 13.8%
673 Apollo Group, Inc. Class A B...................... 48,519
408 Comcast Corp. Special Class A B................... 12,949
127 Moody's Corp. .................................... 10,443
241 Omnicom Group, Inc. H............................. 19,958
215 Pixar B........................................... 9,830
178 Starwood Hotels & Resorts Worldwide, Inc. ........ 9,652
1,087 XM Satellite Radio Holdings, Inc. Class A BH...... 30,154
----------
141,505
----------
TECHNOLOGY -- 32.7%
170 America Movil S.A. de C.V. ADR.................... 8,441
1,478 Cisco Systems, Inc. B............................. 25,543
@@ Computer Associates International, Inc. .......... 8
531 Danaher Corp. .................................... 26,863
1,063 Dell, Inc. B...................................... 37,009
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
TECHNOLOGY -- (CONTINUED)
893 Electronic Arts, Inc. B........................... $ 47,687
1,144 General Electric Co. ............................. 41,412
161 Google, Inc. BH................................... 35,312
309 Lexmark International, Inc. ADR B................. 21,481
971 Microsoft Corp. .................................. 24,576
270 Research In Motion Ltd. B H....................... 17,376
1,466 Yahoo!, Inc. B.................................... 50,596
----------
336,304
----------
Total common stock
(cost $959,242)................................. $ 997,486
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 11.8%
FINANCE -- 3.3%
$5,487 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 5,487
927 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 927
9,264 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 9,264
6,342 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 6,342
2,138 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 2,138
9,549 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 9,549
----------
33,707
----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 8.5%
87,110 BNY Institutional Cash Reserve Fund............... 87,110
----------
Total short-term investments
(cost $120,817)................................. $ 120,817
----------
Total investments in securities (cost $1,080,059)
O............................................... $1,118,303
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 11.69% of total net assets at April 30, 2005.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $1,081,208 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 70,064
Unrealized depreciation........................ (32,969)
--------
Net unrealized appreciation.................... $ 37,095
========
</Table>
H Security is fully or partially on loan at April 30, 2005.
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
@@ Due to the presentation of the financial statements in thousands,
the number of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
104
THE HARTFORD GROWTH OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 99.8%
BASIC MATERIALS -- 6.6%
357 Alkermes, Inc. BH................................. $ 4,015
190 Arch Coal, Inc. H................................. 8,402
258 Cemex S.A. de C.V. ADR............................ 9,281
148 Holcim Ltd. H..................................... 9,002
254 Jarden Corp.BH.................................... 11,330
102 Precision Castparts Corp. ........................ 7,521
--------
49,551
--------
CAPITAL GOODS -- 2.4%
194 Bucyrus International, Inc. ...................... 7,570
525 Tempur-Pedic International, Inc. BH............... 10,024
--------
17,594
--------
CONSUMER CYCLICAL -- 14.7%
179 Abercrombie & Fitch Co. Class A................... 9,646
154 Advance Auto Parts, Inc. B........................ 8,216
514 American Tower Corp. Class A B.................... 8,861
133 Centex Corp. ..................................... 7,694
282 Chico's FAS, Inc. B............................... 7,215
159 Electronics Boutique Holdings Corp. B............. 8,861
237 Family Dollar Stores, Inc. ....................... 6,397
235 GameStop Corp. Class A BH......................... 5,786
173 GameStop Corp. Class B B.......................... 4,031
210 Kohl's Corp. B.................................... 9,977
273 Michaels Stores, Inc. ............................ 9,067
852 Rinker Group Ltd. ................................ 7,619
103 Standard-Pacific Corp. ........................... 7,397
312 Tiffany & Co. .................................... 9,401
--------
110,168
--------
CONSUMER STAPLES -- 1.0%
120 Altria Group, Inc. ............................... 7,799
--------
ENERGY -- 7.4%
159 BJ Services Co. .................................. 7,727
538 Chesapeake Energy Corp. .......................... 10,355
277 GlobalSantaFe Corp. .............................. 9,314
189 Halliburton Co. .................................. 7,840
177 Noble Corp. ...................................... 8,989
205 Petro-Canada...................................... 11,384
--------
55,609
--------
FINANCE -- 2.4%
173 Northern Trust Corp. ............................. 7,768
222 State Street Corp. ............................... 10,240
--------
18,008
--------
HEALTH CARE -- 21.4%
259 Advanced Neuromodulation Systems, Inc. B.......... 7,801
249 Amylin Pharmaceuticals, Inc.BH.................... 4,231
356 AstraZeneca plc ADR............................... 15,664
142 AtheroGenics, Inc. BH............................. 1,525
223 Auxilium Pharmaceuticals, Inc. BH................. 1,071
212 Cephalon, Inc. B.................................. 9,307
228 Covance, Inc. B................................... 10,388
188 Encysive Pharmaceuticals, Inc. B.................. 1,831
232 First Horizon Pharmaceutical Corp. B.............. 4,194
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
HEALTH CARE -- (CONTINUED)
215 Forest Laboratories, Inc. B....................... $ 7,685
277 Foxhollow Technologies, Inc. BH................... 8,594
303 Gilead Sciences, Inc. B........................... 11,245
121 ICOS Corp. BH..................................... 2,734
184 Kissei Pharmaceutical Co. Ltd. ................... 3,864
151 Medicines Co. B................................... 3,226
284 Medtronic, Inc. .................................. 14,977
151 Mentor Corp. ..................................... 5,531
167 NPS Pharmaceuticals, Inc. B....................... 2,025
85 OSI Pharmaceuticals, Inc. B....................... 4,038
169 Pharmaceutical Product Development, Inc. B........ 7,669
685 Schering-Plough Corp. ............................ 14,296
712 Shionogi & Co. Ltd. .............................. 9,895
57 Symmetry Medical, Inc. B.......................... 974
237 Teva Pharmaceutical Industries Ltd. ADR........... 7,410
--------
160,175
--------
SERVICES -- 16.9%
139 Adecco S.A. B..................................... 6,716
202 Alliance Data Systems Corp. B..................... 8,141
102 Apollo Group, Inc. Class A BH..................... 7,385
360 Cendant Corp. .................................... 7,176
302 Comcast Corp. Special Class A B................... 9,589
151 Corporate Executive Board Co. .................... 9,919
276 Education Management Corp. B...................... 7,714
206 ITT Educational Services, Inc. B.................. 9,490
284 LECG Corp. B...................................... 5,883
470 Monster Worldwide, Inc. B......................... 10,812
137 Red Robin Gourmet Burgers, Inc. BH................ 6,629
1,404 Sirius Satellite Radio, Inc. BH................... 6,685
136 Starwood Hotels & Resorts Worldwide, Inc. ........ 7,385
170 Stericycle, Inc. B................................ 8,274
73 Strayer Education, Inc. .......................... 7,864
235 XM Satellite Radio Holdings, Inc. Class A BH...... 6,524
--------
126,186
--------
TECHNOLOGY -- 25.5%
474 Amdocs Ltd. B..................................... 12,658
181 Comverse Technology, Inc. B....................... 4,132
534 Crown Castle International Corp. B................ 8,617
267 Electronic Arts, Inc. B........................... 14,276
880 Evergreen Solar, Inc. H........................... 4,806
276 F5 Networks, Inc. B............................... 11,833
277 FuelCell Energy, Inc. BH.......................... 2,213
140 Given Imaging Ltd. BH............................. 3,733
62 Google, Inc. BH................................... 13,640
240 Hologic, Inc. B................................... 8,529
122 NAVTEQ Corp. B.................................... 4,432
200 Network Appliance, Inc. B......................... 5,326
505 Nokia Oyj ADR..................................... 8,076
150 Research In Motion Ltd. B......................... 9,649
497 Salesforce.com, Inc. B............................ 7,198
517 Smiths Group plc.................................. 8,484
588 Take-Two Interactive Software, Inc. B............. 13,843
494 Turkcell Iletisim Hizmet ADR...................... 7,680
488 Verifone Holdings, Inc. B......................... 5,243
311 Verint Systems, Inc. B............................ 9,905
</Table>
The accompanying notes are an integral part of these financial statements.
105
THE HARTFORD GROWTH OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- 25.5% -- (continued)
147 Websense, Inc. B.................................. $ 7,804
857 Wireless Facilities, Inc. B....................... 4,533
406 Yahoo!, Inc. B.................................... 14,008
--------
190,618
--------
TRANSPORTATION -- 1.5%
398 GOL Linhas Aereas Inteligentes S.A. ADR H......... 11,280
--------
Total common stock
(cost $712,169)................................. $746,988
--------
PREFERRED STOCKS -- 1.3%
TECHNOLOGY -- 1.3%
658 Tele Norte Leste Participacoes S.A. ADR H......... $ 9,740
--------
Total preferred stocks
(cost $9,930)................................... $ 9,740
--------
Total long-term investments
(cost $722,099)................................. $756,728
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 13.5%
FINANCE -- 0.5%
$ 539 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 539
91 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 91
909 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 909
622 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 622
210 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 210
937 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 937
--------
3,308
--------
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT
- ---------
SECURITIES PURCHASED WITH PROCEEDS FROM
SECURITY LENDING -- 13.0%
97,619 BNY Institutional Cash Reserve Fund............... $ 97,619
--------
Total short-term investments
(cost $100,927)................................. $100,927
--------
Total investments in securities
(cost $823,026) O............................... $857,655
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 20.32% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $45,580, which represents 6.09% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $823,149 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 68,376
Unrealized depreciation........................ (33,870)
--------
Net unrealized appreciation.................... $ 34,506
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
106
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 1.2%
FINANCE -- 1.2%
$ 3,950 GMAC Commercial Mortgage Securities, Inc.,
7.18%, 5-15-2030 X.............................. $ 4,128
--------
Total asset backed and
commercial mortgage securities
(cost $4,160)................................... $ 4,128
--------
CORPORATE BONDS: INVESTMENT GRADE -- 3.5%
BASIC MATERIALS -- 0.4%
1,000 Methanex Corp.,
8.75%, 8-15-2012 H.............................. 1,160
--------
CONSUMER CYCLICAL -- 0.3%
1,440 Dana Corp.,
5.85%, 1-15-2015 M ............................ 1,174
--------
FINANCE -- 0.8%
1,780 General Motors Acceptance Corp.,
6.75%, 12-1-2014 H.............................. 1,491
1,060 Turanalem Finance B.V.,
8.50%, 2-10-2015 M ............................ 1,060
--------
2,551
--------
SERVICES -- 0.1%
510 Liberty Media Corp.,
5.70%, 5-15-2013................................ 482
--------
TECHNOLOGY -- 0.4%
1,205 Thomas & Betts Corp.,
7.25%, 6-1-2013................................. 1,302
--------
TRANSPORTATION -- 0.4%
1,469 American Airlines, Inc.,
6.98%, 4-1-2011................................. 1,500
--------
UTILITIES -- 1.1%
1,665 Centerpoint Energy, Inc.,
6.85%, 6-1-2015 H............................... 1,850
125 El Paso Electric Co.,
9.40%, 5-1-2011................................. 136
1,400 Empresa Nacional de Electricidad S.A.,
8.35%, 8-1-2013................................. 1,580
--------
3,566
--------
Total corporate bonds:
investment grade
(cost $11,995).................................. $ 11,735
--------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 93.0%
BASIC MATERIALS -- 16.1%
750 Abitibi-Consolidated Finance L.P.,
7.875%, 8-1-2009................................ 722
1,015 AEP Industries, Inc.,
7.875%, 3-15-2013 M ........................... 1,007
775 Airgas, Inc.,
9.125%, 10-1-2011............................... 837
1,290 AK Steel Corp.,
7.75%, 6-15-2012 H.............................. 1,148
1,995 Asia Aluminum Holdings Ltd.,
8.00%, 12-23-2011 M ........................... 1,890
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
BASIC MATERIALS -- (CONTINUED)
$ 2,295 Ball Corp.,
6.875%, 12-15-2012.............................. $ 2,358
610 Boise Cascade LLC,
7.125%, 10-15-2014 M .......................... 580
1,430 Bowater Canada Finance,
7.95%, 11-15-2011 H............................. 1,416
1,310 California Steel Industries, Inc.,
6.125%, 3-15-2014............................... 1,192
1,735 Cascades, Inc.,
7.25%, 2-15-2013................................ 1,709
1,000 Century Aluminum Co.,
7.50%, 8-15-2014 H.............................. 980
1,696 Crown European Holdings S.A.,
9.50%, 3-1-2011................................. 1,832
700 Foundation PA Coal Co.,
7.25%, 8-1-2014 H............................... 719
2,340 Georgia-Pacific Corp.,
8.125%, 5-15-2011............................... 2,559
2,750 Georgia-Pacific Corp.,
8.875%, 2-1-2010................................ 3,052
260 Hercules, Inc.,
6.60%, 8-1-2027................................. 260
1,820 Huntsman International LLC,
9.875%, 3-1-2009................................ 1,956
90 Huntsman International LLC,
10.125%, 7-1-2009............................... 120
300 Jefferson Smurfit Corp.,
7.50%, 6-1-2013................................. 281
1,210 Jefferson Smurfit Corp.,
8.25%, 10-1-2012 H.............................. 1,186
1,640 Lyondell Chemical Co.,
9.875%, 5-1-2007................................ 1,681
3,510 Nalco Co.,
7.75%, 11-15-2011............................... 4,205
240 Norampac, Inc.,
6.75%, 6-1-2013................................. 238
730 Norske Skog Canada Ltd.,
8.625%, 6-15-2011............................... 745
1,345 Nova Chemicals Corp.,
6.50%, 1-15-2012................................ 1,360
3,700 Novelis, Inc.,
7.25%, 2-15-2015 M ............................ 3,580
605 Oregon Steel Mills, Inc.,
10.00%, 7-15-2009............................... 649
1,445 Owens-Brockway Glass Container, Inc.,
8.75%, 11-15-2012............................... 1,575
1,250 Owens-Brockway Glass Container, Inc.,
8.875%, 2-15-2009............................... 1,331
485 Peabody Energy Corp.,
6.875%, 3-15-2013............................... 502
1,730 Plastipak Holdings, Inc.,
10.75%, 9-1-2011................................ 1,886
1,615 PolyOne Corp.,
8.875%, 5-1-2012................................ 1,700
115 PolyOne Corp.,
10.625%, 5-15-2010 H............................ 127
650 Potlatch Corp.,
12.50%, 12-1-2009............................... 809
1,535 PQ Corp.,
7.50%, 2-15-2013 M ............................ 1,489
</Table>
The accompanying notes are an integral part of these financial statements.
107
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
BASIC MATERIALS -- (CONTINUED)
$ 1,900 Rhodia S.A.,
10.25%, 6-1-2010 H.............................. $ 2,014
440 Steel Dynamics, Inc.,
9.50%, 3-15-2009 H.............................. 471
1,050 Stone Container Corp.,
8.375%, 7-1-2012 H.............................. 1,037
645 United States Steel Corp.,
9.75%, 5-15-2010................................ 709
419 United States Steel Corp.,
10.75%, 8-1-2008 H.............................. 471
2,315 Vale Overseas Ltd.,
8.25%, 1-17-2034................................ 2,413
--------
54,796
--------
CAPITAL GOODS -- 4.6%
1,310 Bombardier Recreational Products, Inc.,
8.375%, 12-15-2013 H............................ 1,369
2,335 Bombardier, Inc.,
6.30%, 5-1-2014 M H............................ 2,008
865 Bombardier, Inc.,
6.75%, 5-1-2012 M H............................ 779
340 Cummins, Inc.,
6.75%, 2-15-2027................................ 345
465 Cummins, Inc.,
7.125%, 3-1-2028 453
425 Jorgensen (Earle M.) Co.,
9.75%, 6-1-2012................................. 451
1,525 K2, Inc.,
7.375%, 7-1-2014................................ 1,552
1,330 Rexnord Corp.,
10.125%, 12-15-2012............................. 1,423
910 Scientific Games Corp.,
6.25%, 12-15-2012 M ........................... 892
1,770 Terex Corp.,
7.375%, 1-15-2014 H............................. 1,779
930 Terex Corp.,
9.25%, 7-15-2011................................ 1,009
1,100 Xerox Corp.,
6.875%, 8-15-2011............................... 1,141
400 Xerox Corp.,
7.125%, 6-15-2010............................... 419
1,120 Xerox Corp.,
7.625%, 6-15-2013 H............................. 1,195
570 Xerox Corp.,
9.75%, 1-15-2009 H.............................. 647
--------
15,462
--------
CONSUMER CYCLICAL -- 8.2%
1,675 Ahold Finance USA, Inc.,
8.25%, 7-15-2010................................ 1,817
1,080 Amerigas Partners L.P.,
7.25%, 5-20-2015 M ............................ 1,080
1,100 Brown Shoe Co., Inc.,
8.75%, 5-1-2012 M ............................. 1,114
852 Collins & Aikman Floorcoverings, Inc.,
9.75%, 2-15-2010 895
2,150 D.R. Horton, Inc.,
5.625%, 9-15-2014 H............................. 2,085
1,455 Delhaize America, Inc.,
8.125%, 4-15-2011............................... 1,604
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CONSUMER CYCLICAL -- (CONTINUED)
$ 2,520 Group 1 Automotive, Inc.,
8.25%, 8-15-2013................................ $ 2,520
900 Ingles Markets, Inc.,
8.875%, 12-1-2011............................... 898
1,800 Invista, 9.25%, 5-1-2012 M ...................... 1,919
570 Navistar International Corp.,
7.50%, 6-15-2011 H.............................. 539
940 Penney (J.C.) Co., Inc.,
7.65%, 8-15-2016 H.............................. 1,018
910 Penney (J.C.) Co., Inc.,
8.125%, 4-1-2027 912
1,100 Pep Boys Manny Moe & Jack Corp.,
7.50%, 12-15-2014 H............................. 1,056
910 Perry Ellis International, Inc.,
8.875%, 9-15-2013............................... 924
670 Phillips Van-Heusen Corp.,
7.75%, 11-15-2023............................... 690
850 Russel Metals, Inc.,
6.375%, 3-1-2014 H.............................. 807
2,005 Sealy Mattress Co.,
8.25%, 6-15-2014................................ 2,025
1,055 Sonic Automotive, Inc.,
8.625%, 8-15-2013............................... 1,044
1,355 Stater Brothers Holdings, Inc.,
8.125%, 6-15-2012............................... 1,260
1,874 TRW Automotive, Inc.,
9.375%, 2-15-2013............................... 1,940
860 United Auto Group, Inc.,
9.625%, 3-15-2012............................... 894
450 United Components, Inc.,
9.375%, 6-15-2013............................... 414
475 Warnaco, Inc.,
8.875%, 6-15-2013 H............................. 513
--------
27,968
--------
CONSUMER STAPLES -- 4.3%
1,200 DEL Laboratories, Inc.,
8.00%, 2-1-2012 M ............................. 1,134
890 Dole Food Co., Inc.,
7.25%, 6-15-2010................................ 893
910 Dole Food Co., Inc.,
8.625%, 5-1-2009................................ 958
1,560 Johnsondiversey, Inc.,
9.625%, 5-15-2012............................... 1,583
950 Pierre Foods, Inc.,
9.875%, 7-15-2012 H............................. 969
1,750 Pilgrim's Pride Corp.,
9.25%, 11-15-2013............................... 1,951
315 Pilgrim's Pride Corp.,
9.625%, 9-15-2011............................... 344
2,500 Premium Standard Farms, Inc.,
9.25%, 6-15-2011................................ 2,744
215 Remy Cointreau, 6.50%, 7-1-2010 M ............... 285
1,185 Smithfield Foods, Inc.,
8.00%, 10-15-2009............................... 1,268
3,425 Tembec Industries, Inc.,
7.75%, 3-15-2012 H.............................. 2,586
--------
14,715
--------
</Table>
The accompanying notes are an integral part of these financial statements.
108
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ENERGY -- 6.3%
$ 875 Chesapeake Energy Corp.,
6.375%, 6-15-2015 M ........................... $ 858
750 Chesapeake Energy Corp.,
6.625%, 1-15-2016 M ........................... 739
625 Chesapeake Energy Corp.,
6.875%, 1-15-2016............................... 622
555 Chesapeake Energy Corp.,
7.75%, 1-15-2015 H.............................. 584
415 Citgo Petroleum Corp.,
6.00%, 10-15-2011............................... 404
2,650 Coastal Corp.,
7.75%, 6-15-2010 H.............................. 2,637
2,340 Comstock Resources, Inc.,
6.875%, 3-1-2012................................ 2,281
1,070 El Paso CGP Co.,
6.50%, 6-1-2008................................. 1,035
3,685 Giant Industries, Inc.,
8.00%, 5-15-2014 H.............................. 3,703
195 Houston Exploration Co.,
7.00%, 6-15-2013................................ 196
944 Magnum Hunter Resources, Inc.,
9.60%, 3-15-2012................................ 1,048
1,410 Newpark Resources, Inc.,
8.625%, 12-15-2007.............................. 1,389
700 Plains Exploration & Production Co.,
8.75%, 7-1-2012................................. 756
840 Port Arthur Finance Corp.,
12.50%, 1-15-2009............................... 949
410 Premcor Refining Group, Inc.,
6.125%, 5-1-2011................................ 423
1,580 Premcor Refining Group, Inc.,
9.25%, 2-1-2010................................. 1,742
1,100 Stone Energy Corp.,
6.75%, 12-15-2014............................... 1,045
975 Whiting Petroleum Corp.,
7.25%, 5-1-2012................................. 970
--------
21,381
--------
FINANCE -- 6.8%
2,850 American Real Estate Partners L.P.,
7.125%, 2-15-2013 M ........................... 2,757
1,518 BCP Crystal Holdings Corp.,
9.625%, 6-15-2014 H............................. 1,674
1,650 Burns Philip Capital Property Ltd.,
9.75%, 7-15-2012................................ 1,799
680 Colombia (Republic of),
8.25%, 12-22-2014............................... 680
390 Couche-Tard U.S. Finance Corp.,
7.50%, 12-15-2013............................... 400
600 Host Marriott L.P.,
6.375%, 3-15-2015 M ........................... 571
3,415 Host Marriott L.P.,
7.00%, 8-15-2012................................ 3,449
2,145 IPC Acquisition Corp.,
11.50%, 12-15-2009.............................. 2,360
475 La Quinta Properties, Inc.,
7.00%, 8-15-2012 H.............................. 484
1,250 La Quinta Properties, Inc.,
8.875%, 3-15-2011............................... 1,345
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
FINANCE -- (CONTINUED)
$ 1,250 Rainbow National Services LLC,
10.375%, 9-1-2014 M ........................... $ 1,413
950 Trustreet Properties, Inc.,
7.50%, 4-1-2015 M ............................. 952
485 United Rentals North America, Inc.,
6.50%, 2-15-2012................................ 462
1,000 United Rentals North America, Inc.,
7.75%, 11-15-2013 H............................. 937
1,680 Universal City Florida Holdings Co.,
8.375%, 5-1-2010 M ............................ 1,705
605 Ventas Realty L.P. Capital Corp.,
8.75%, 5-1-2009 H............................... 651
1,250 Ventas Realty LP/Capital Corp.,
9.00%, 5-1-2012................................. 1,394
--------
23,033
--------
HEALTH CARE -- 3.2%
1,345 HCA, Inc.,
5.50%, 12-1-2009................................ 1,334
645 HCA, Inc.,
6.375%, 1-15-2015 H............................. 647
975 Jean Coutu Group PJC, Inc.,
8.50%, 8-1-2014 H............................... 919
680 Omnicare, Inc.,
8.125%, 3-15-2011............................... 714
975 Polypore, Inc.,
8.75%, 5-15-2012................................ 824
1,850 Select Medical Corp.,
7.625%, 2-1-2015 M ............................ 1,818
1,475 Tenet Healthcare Corp.,
9.25%, 2-1-2015 V .............................. 1,475
1,140 Tenet Healthcare Corp.,
9.875%, 7-1-2014................................ 1,171
580 United Surgical Partners International, Inc.,
10.00%, 12-15-2011.............................. 638
1,190 Warner Chilcott Corp.,
8.75%, 2-1-2015 M ............................. 1,166
--------
10,706
--------
SERVICES -- 14.6%
400 Allied Waste North America, Inc.,
7.875%, 4-15-2013 H............................. 389
1,900 Allied Waste North America, Inc.,
8.875%, 4-1-2008................................ 1,952
280 Allied Waste North America, Inc.,
9.25%, 9-1-2012................................. 295
960 Argosy Gaming Co.,
7.00%, 1-15-2014................................ 1,049
525 Boyd Gaming Corp.,
6.75%, 4-15-2014 H.............................. 517
2,910 Boyd Gaming Corp.,
7.75%, 12-15-2012............................... 3,056
460 Browning-Ferris Industries, Inc.,
6.375%, 1-15-2008 H............................. 451
1,000 Canwest Media, Inc.,
7.625%, 4-15-2013 H............................. 1,048
</Table>
The accompanying notes are an integral part of these financial statements.
109
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SERVICES -- (CONTINUED)
$ 1,985 Carriage Services, Inc.,
7.875%, 1-15-2015 M ........................... $ 1,995
1,270 Cenveo Corp.,
7.875%, 12-1-2013............................... 1,191
750 CSC Holdings, Inc.,
7.25%, 7-15-2008................................ 750
1,700 CSC Holdings, Inc.,
7.625%, 4-1-2011................................ 1,725
650 CSC Holdings, Inc.,
8.125%, 7-15-2009............................... 666
1,945 Dex Media West LLC,
5.875%, 11-15-2011 H............................ 1,877
2,275 EchoStar DBS Corp.,
5.75%, 10-1-2008................................ 2,238
1,600 Grupo Posadas S.A. de CV,
8.75%, 10-4-2011 M ............................ 1,676
264 HMH Properties, Inc.,
7.875%, 8-1-2008 H.............................. 269
1,065 Intrawest Corp.,
7.50%, 10-15-2013............................... 1,060
3,660 John Q. Hammons Hotels, Inc.,
8.875%, 5-15-2012............................... 3,898
1,535 Knowledge Learning Center, Inc.,
7.75%, 2-1-2015 M ............................. 1,458
905 Lamar Media Corp.,
7.25%, 1-1-2013................................. 932
1,155 Medianews Group, Inc.,
6.875%, 10-1-2013............................... 1,120
2,625 MGM Mirage, Inc.,
6.75%, 9-1-2012................................. 2,625
1,180 Mohegan Tribal Gaming Authority,
6.125%, 2-15-2013 M ........................... 1,162
590 Mohegan Tribal Gaming Authority,
6.375%, 7-15-2009............................... 589
1,085 Mohegan Tribal Gaming Authority,
7.125%, 8-15-2014............................... 1,089
600 Penn National Gaming, Inc.,
6.75%, 3-1-2015 M ............................. 575
175 Primedia, Inc.,
7.625%, 4-1-2008 H.............................. 175
700 Primedia, Inc.,
8.00%, 5-15-2013................................ 704
1,000 Quebecor Media, Inc.,
11.125%, 7-15-2011.............................. 1,100
420 R.H. Donnelley Financial Corp. I,
8.875%, 12-15-2010 M .......................... 457
1,485 Sensus Metering Systems, Inc.,
8.625%, 12-15-2013.............................. 1,396
1,000 Service Corp. International,
6.75%, 4-1-2016 H............................... 953
670 Service Corp. International,
7.70%, 4-15-2009................................ 695
300 Service Corp. International,
7.875%, 2-1-2013................................ 309
1,320 Station Casinos, Inc.,
6.00%, 4-1-2012................................. 1,310
2,000 Station Casinos, Inc.,
6.50%, 2-1-2014................................. 1,995
500 Sun Media Corp.,
7.625%, 2-15-2013 H............................. 510
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SERVICES -- (CONTINUED)
$ 2,300 Unisys Corp.,
6.875%, 3-15-2010............................... $ 2,202
2,270 Wynn Las Vegas LLC Corp.,
6.625%, 12-1-2014 M ........................... 2,122
--------
49,580
--------
TECHNOLOGY -- 16.5%
2,260 American Cellular Corp.,
10.00%, 8-1-2011 2,113
1,045 Amkor Technology, Inc.,
7.75%, 5-15-2013 H.............................. 819
266 AT&T Corp.,
8.35%, 1-15-2025................................ 277
2,042 AT&T Corp.,
9.05%, 11-15-2011............................... 2,330
300 Bio-Rad Laboratories, Inc.,
6.125%, 12-15-2014 M .......................... 293
2,435 Centennial Cellular Operating Co.,
10.125%, 6-15-2013.............................. 2,660
780 Charter Communications Holdings II LLC,
10.25%, 9-15-2010............................... 779
2,195 Charter Communications Holdings LLC,
10.00%, 4-1-2009................................ 1,635
1,575 Charter Communications Operating LLC,
8.00%, 4-30-2012 M ............................ 1,512
4,385 Cincinnati Bell, Inc.,
8.375%, 1-15-2014 H............................. 4,177
345 Cincinnati Bell, Inc.,
8.375%, 1-15-2014 M ........................... 329
655 Citizens Communications Co.,
6.25%, 1-15-2013................................ 611
1,120 DaVita, Inc.,
6.625%, 3-15-2013 M ........................... 1,109
2,560 DirecTV Holdings LLC,
8.375%, 3-15-2013............................... 2,771
1,680 Fimep S.A.,
10.50%, 2-15-2013............................... 1,890
900 Flextronics International Ltd.,
6.50%, 5-15-2013................................ 859
815 Hawaiian Telecom Communications, Inc.,
9.75%, 5-01-2013 M ............................ 810
925 Houghton Mifflin Co.,
8.25%, 2-1-2011 H............................... 925
3,095 Intelsat Ltd.,
6.50%, 11-1-2013................................ 2,453
1,000 Itron, Inc.,
7.75%, 5-15-2012................................ 1,000
945 L-3 Communications Corp.,
6.125%, 7-15-2013............................... 933
1,200 L-3 Communications Corp.,
7.625%, 6-15-2012............................... 1,269
1,509 Lucent Technologies, Inc.,
6.45%, 3-15-2029................................ 1,273
794 MCI, Inc.,
7.69%, 5-1-2009................................. 820
493 MCI, Inc.,
8.735%, 5-1-2014................................ 534
1,520 Nextel Communications, Inc.,
7.375%, 8-1-2015................................ 1,619
</Table>
The accompanying notes are an integral part of these financial statements.
110
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
TECHNOLOGY -- (CONTINUED)
$ 2,500 PerkinElmer, Inc.,
8.875%, 1-15-2013............................... $ 2,775
990 Qwest Capital Funding, Inc.,
7.25%, 2-15-2011 H.............................. 886
215 Qwest Corp.,
7.25%, 10-15-2035 H............................. 185
2,990 Qwest Corp.,
9.125%, 3-15-2012 M ........................... 3,169
1,850 Rayovac Corp.,
7.375%, 2-1-2015 M ............................ 1,795
1,220 Rayovac Corp.,
8.50%, 10-1-2013................................ 1,254
4,240 Rogers Cable, Inc.,
6.25%, 6-15-2013................................ 3,975
200 Rogers Cantel, Inc.,
9.75%, 6-1-2016 H............................... 234
2,200 Rogers Wireless Communications, Inc.,
6.375%, 3-1-2014................................ 2,106
300 Rogers Wireless Communications, Inc.,
9.625%, 5-1-2011................................ 340
770 Sanmina-SCI Corp.,
10.375%, 1-15-2010.............................. 843
1,200 Shaw Communications, Inc.,
8.25%, 4-11-2010................................ 1,314
1,300 Valor Telecom Enterprise, Inc.,
7.75%, 2-15-2015 M ............................ 1,245
--------
55,921
--------
TRANSPORTATION -- 0.9%
460 Northwest Airlines Corp.,
10.00%, 2-1-2009................................ 230
2,900 Trinity Industries, Inc.,
6.50%, 3-15-2014................................ 2,784
--------
3,014
--------
UTILITIES -- 11.5%
580 AES China Generating Co. Ltd.,
8.25%, 6-26-2010................................ 591
4,610 AES Corp.,
8.75%, 5-15-2013 M ............................ 4,990
980 Calpine Canada Energy Finance,
8.50%, 5-1-2008 H............................... 490
150 Calpine Corp.,
8.625%, 8-15-2010 H............................. 74
2,355 CMS Energy Corp.,
6.30%, 2-1-2012 2,290
350 CMS Energy Corp.,
7.50%, 1-15-2009 H.............................. 359
910 CMS Energy Corp.,
7.75%, 8-1-2010................................. 935
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
UTILITIES -- (CONTINUED)
$ 430 CMS Energy Corp.,
8.50%, 4-15-2011................................ $ 460
3,360 Dynegy Holdings, Inc.,
10.125%, 7-15-2013 M .......................... 3,461
500 Edison Mission Energy Corp.,
7.73%, 6-15-2009................................ 512
2,100 Edison Mission Energy Corp.,
9.875%, 4-15-2011 H............................. 2,373
2,015 Monongahela Power Co.,
7.36%, 1-15-2010 H.............................. 2,174
1,055 Nevada Power Co.,
5.875%, 1-15-2015 M ........................... 1,023
400 Nevada Power Co.,
8.50%, 1-1-2023 411
3,599 NRG Energy, Inc.,
8.00%, 12-15-2013 M ........................... 3,635
1,055 Reliant Energy, Inc.,
6.75%, 12-15-2014............................... 934
730 Sierra Pacific Resources,
8.625%, 3-15-2014............................... 774
625 Southern Star Central Corp.,
8.50%, 8-1-2010................................. 669
5,170 Tennessee Gas Pipeline Co.,
7.50%, 4-1-2017 H............................... 5,570
3,572 Texas Genco LLC,
6.875%, 12-15-2014 M .......................... 3,501
535 Transcontinental Gas Pipeline Corp.,
7.00%, 8-15-2011................................ 563
800 Transcontinental Gas Pipeline Corp.,
8.875%, 7-15-2012............................... 932
2,280 Utilicorp United, Inc.,
7.625%, 11-15-2009 H............................ 2,286
--------
39,007
--------
Total corporate bonds:
non-investment grade
(cost $320,697)................................. $315,583
--------
<Caption>
SHARES
- ---------
COMMON STOCK -- 0.0%
CONSUMER CYCLICAL -- 0.0%
1 Hosiery Corp. of America, Inc.....................
Class A BV @@
Total common stock................................
(cost $21) $ @@
--------
PREFERRED STOCKS -- 0.1%
SERVICES -- 0.1%
2 Allied Waste Industries,..........................
6.25%, 3-1-2008 $ 500
--------
TECHNOLOGY -- 0.0%
20 Adelphia Communications Corp.,....................
7.50%, Conv. Ser F B 3
--------
Total preferred stocks............................
(cost $988) $ 503
--------
Total long-term investments
(cost $337,861) $331,949
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 13.4%
FINANCE -- 0.1%
$ 102 BNP Paribas Repurchase Agreement,.................
2.83% 5-2-2005 $ 102
94 RBS Greenwich Repurchase Agreement,...............
2.84%, 5-2-2005 94
</Table>
The accompanying notes are an integral part of these financial statements.
111
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
$ 110 UBS Securities, LLC Repurchase Agreement,.........
2.84%, 5-2-2005 $ 110
--------
306
--------
U.S. GOVERNMENT SECURITIES -- 0.0%
150 US Treasury Bill,.................................
2.74%, 6-16-2005 [ ] 149
--------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 13.3%
44,983 Navigator Prime Portfolio......................... 44,983
--------
Total short-term investments
(cost $45,438) $ 45,438
--------
Total investments in securities...................
(cost $383,299) O $377,387
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 15.79% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value
by, or under the direction of, the Funds' Board of Directors at April 30,
2005, rounds to zero.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $383,567 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 4,044
Unrealized depreciation........................ (10,224)
--------
Net unrealized depreciation.................... $ (6,180)
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
<Caption>
PERIOD SHARES/ COST
ACQUIRED PAR SECURITY BASIS
-------- ------- -------- -----
1994 1 Hosiery Corp. of America, Inc. 21
Class A-144A
2005 1,475 Tenet Healthcare Corp., 1,499
9.25%, 2-1-2015
</Table>
The aggregate value of these securities at April 30, 2005 was
$1,475, which represents 0.44% of total net assets.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $68,287, which represents 20.14%
of total net assets.
X Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
H Security is fully or partially on loan at April 30, 2005.
[ ]Security pledged as initial margin deposit for open futures contracts
at April 30, 2005.
<Table>
<Caption>
UNREALIZED
NUMBER DEPRECIATION
OF AT
DESCRIPTION CONTRACTS POSITION EXPIRATION 4/30/2005
----------- --------- -------- ---------- ------------
CBT 10 Year U.S.
Treasury Note
futures contracts 140 Short June 2005 $(242)
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
112
THE HARTFORD INCOME ALLOCATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
AFFILIATED INVESTMENT COMPANIES -- 99.1%
FIXED INCOME FUNDS -- 86.2%
491 Hartford High Yield Fund, Class Y................. $ 3,830
98 Hartford Income Fund, Class Y..................... 1,019
372 Hartford Inflation Plus Fund, Class Y............. 4,092
694 Hartford Short Duration Fund, Class Y............. 6,904
582 Hartford Total Return Bond Fund, Class Y.......... 6,376
-------
Total fixed income funds
(cost $22,444).................................. $22,221
-------
MONEY MARKET FUND -- 12.9%
3,311 Hartford Money Market Fund, Class Y............... $ 3,312
-------
Total money market fund
(cost $3,312)................................... $ 3,312
-------
Total investments in affiliated
investment companies
(cost $25,756) O................................ $25,533
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $25,756 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................... $ 30
Unrealized depreciation........................... (253)
-----
Net unrealized depreciation....................... $(223)
=====
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
113
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- 0.3%
GENERAL OBLIGATIONS -- 0.3%
$ 150 Illinois GO, 5.10%, Taxable Pension 6-1-2033...... $ 148
-------
Total municipal bonds
(cost $150)..................................... $ 148
-------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 12.5%
FINANCE -- 12.4%
68 AQ Finance CEB Trust,
8.02%, 8-25-2033 MX............................. $ 67
20 Asset Backed Funding Corp. NIM Trust,
4.55%, 12-26-2033 M............................. 20
4,187 Banc of America Commercial Mortgage, Inc.,
4.08%, 12-10-2042 W............................. 113
3,168 Banc of America Commercial Mortgage, Inc.,
5.50%, 11-10-2039 MW............................ 84
8,224 Banc of America Commercial Mortgage, Inc.,
5.75%, 6-10-2039 W.............................. 100
54 Bank One Issuance Trust,
4.09%, 12-15-2010 X............................. 55
200 Bear Stearns Commercial Mortgage Securities, Inc.,
5.29%, 6-11-2041................................ 206
3,525 Bear Stearns Commercial Mortgage Securities, Inc.,
5.50%, 2-11-2041 MW............................. 85
47 Chase Funding Mortgage Loan Asset-Backed,
8.45%, 2-25-2030................................ 48
30 Chase Manhattan Auto Owner Trust,
2.57%, 2-16-2010................................ 29
45 Chemical Master Credit Card Trust,
7.09%, 2-15-2009................................ 47
150 Chuo Mitsui Trust & Banking Ltd.,
5.51%, 4-15-2049 M.............................. 143
75 Citibank Credit Card Issuance Trust,
5.00%, 6-10-2015................................ 75
2,455 Citigroup Commercial Mortgage Trust,
4.10%, 10-15-2041 MW............................ 117
6,428 Commercial Mortgage Pass-Through Certificates,
5.50%, 3-10-2039 MW............................. 156
49 Countrywide Asset-Backed Certificates,
5.46%, 5-25-2035................................ 50
200 CS First Boston Mortgage Securities Corp.,
3.81%, 12-15-2036............................... 196
2,956 CS First Boston Mortgage Securities Corp.,
4.15%, 11-15-2037 MW............................ 117
52 DLJ Mortgage Acceptance Corp.,
7.50%, 12-17-2027 M............................. 52
50 Equity One ABS, Inc.,
5.03%, 7-25-2034 X.............................. 51
100 Equity One ABS, Inc.,
5.46%, 12-25-2033............................... 101
200 First Union-Lehman Brothers-Bank of America,
6.56%, 11-18-2035............................... 211
200 Ford Credit Auto Owner Trust,
4.19%, 7-15-2009................................ 199
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
FINANCE -- (continued)
$ 100 Ford Credit Auto Owner Trust,
4.29%, 11-15-2007............................... $ 100
200 GE Capital Commercial Mortgage Corp.,
5.00%, 12-10-2037............................... 204
154 GMAC Commercial Mortgage Securities, Inc.,
3.34%, 5-10-2036................................ 147
200 GMAC Commercial Mortgage Securities, Inc.,
4.65%, 4-10-2040................................ 200
200 GMAC Commercial Mortgage Securities, Inc.,
5.30%, 8-10-2038................................ 206
46 Green Tree Financial Corp,
5.76%, 11-1-2018................................ 47
50 Green Tree Financial Corp.,
6.48%, 12-1-2030................................ 52
29 Green Tree Financial Corp.,
7.30%, 1-15-2026................................ 30
21 Green Tree Financial Corp.,
7.35%, 5-15-2027................................ 22
200 Greenwich Capital Commercial Funding Corp.,
4.02%, 1-5-2036................................. 197
16 Home Equity Asset Trust,
5.25%, 4-27-2034 M.............................. 16
4,880 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.07%, 1-15-2042 W.............................. 108
200 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.13%, 1-12-2038................................ 197
169 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.33%, 12-12-2034............................... 168
180 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.38%, 10-12-2037............................... 180
188 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.95%, 11-12-2039............................... 188
2,407 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
5.50%, 1-15-2038 MW............................. 69
190 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
6.16%, 5-12-2034................................ 206
26,293 LP-UBS Commercial Mortgage Trust,
5.26%, 6-15-2036 MW............................. 245
200 Merrill Lynch Mortgage Trust,
4.92%, 10-12-2041............................... 200
200 Morgan Stanley Capital I,
4.17%, 12-15-2041............................... 197
145 Morgan Stanley Dean Witter Capital I,
5.38%, 1-15-2039................................ 150
57 Navistar Financial Corp. Owner Trust,
3.08%, 11-15-2009............................... 56
12 Residential Asset Mortgage Products, Inc.,
6.14%, 6-25-2032................................ 12
7 Residential Asset Mortgage Products, Inc.,
6.59%, 6-25-2032................................ 7
</Table>
The accompanying notes are an integral part of these financial statements.
114
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (continued)
$ 22 Soundview Home Equity Loan Trust, Inc.,
8.64%, 5-25-2030................................ $ 23
200 Wachovia Bank Commercial Mortgage Trust,
4.39%, 2-15-2041................................ 197
100 Wachovia Bank Commercial Mortgage Trust,
4.87%, 2-15-2035................................ 101
7,084 Wachovia Bank Commercial Mortgage Trust,
5.50%, 2-15-2041 MW............................. 164
51 WFS Financial Owner Trust,
3.05%, 12-20-2010............................... 51
-------
6,062
-------
TRANSPORTATION -- 0.1%
54 Northwest Airlines, Inc.,
6.81%, 2-1-2020................................. 47
-------
Total asset backed and
commercial mortgage securities
(cost $6,143)................................... $ 6,109
-------
CORPORATE BONDS: INVESTMENT GRADE -- 25.6%
BASIC MATERIALS -- 0.9%
150 Domtar, Inc.,
5.375%, 12-1-2013............................... $ 137
100 International Paper Co.,
5.25%, 4-1-2016................................. 98
65 Lubrizol Corp.,
5.50%, 10-1-2014................................ 66
100 Phelps Dodge Corp.,
9.50%, 6-1-2031................................. 152
-------
453
-------
CAPITAL GOODS -- 0.8%
55 American Standard, Inc.,
7.375%, 2-1-2008................................ 59
200 Hutchinson Whampoa International Ltd.,
6.25%, 1-24-2014 M.............................. 211
50 Tyco International Group S.A.,
6.00%, 11-15-2013............................... 53
100 Tyco International Group S.A.,
6.375%, 2-15-2006............................... 102
-------
425
-------
CONSUMER CYCLICAL -- 2.9%
150 Centex Corp.,
5.70%, 5-15-2014................................ 153
75 CRH America, Inc.,
5.30%, 10-15-2013............................... 76
200 DaimlerChrysler N.A. Holdings Corp.,
6.50%, 11-15-2013............................... 204
150 Foster's Finance Corp.,
4.875%, 10-1-2014 M............................. 146
200 General Motors Corp.,
7.125%, 7-15-2013............................... 159
100 Ltd. Brands, Inc.,
5.25%, 11-1-2014................................ 95
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CONSUMER CYCLICAL -- (CONTINUED)
$ 100 May Department Stores Co.,
5.75%, 7-15-2014................................ $ 104
100 PHH Corp.,
6.00%, 3-1-2008................................. 104
125 Pulte Homes, Inc.,
5.20%, 2-15-2015................................ 120
150 Safeway, Inc.,
5.625%, 8-15-2014............................... 151
100 WMC Finance USA, 5.125%, 5-15-2013................ 102
-------
1,414
-------
CONSUMER STAPLES -- 0.4%
150 Tyson Foods, Inc.,
8.25%, 10-1-2011................................ 176
-------
ENERGY -- 1.9%
100 Gazprom International S.A.,
7.20%, 2-1-2020 M............................... 104
120 Pemex Project Funding Master Trust,
7.375%, 12-15-2014.............................. 130
150 Petronas Capital Ltd.,
7.00%, 5-22-2012................................ 169
125 USX Corp.,
9.375%, 2-15-2012............................... 157
175 Valero Energy Corp.,
7.50%, 4-15-2032................................ 207
75 XTO Energy, Inc.,
4.90%, 2-1-2014................................. 74
75 XTO Energy, Inc.,
6.25%, 4-15-2013................................ 81
-------
922
-------
FINANCE -- 8.4%
125 ACE INA Holdings, Inc.,
5.875%, 6-15-2014............................... 129
150 Arden Realty L.P.,
5.20%, 9-1-2011................................. 151
125 Capital One Bank,
5.125%, 2-15-2014............................... 124
150 CIT Group, Inc.,
5.125%, 9-30-2014............................... 150
150 EOP Operating L.P.,
4.75%, 3-15-2014................................ 144
25 Farmers Exchange Capital,
7.20%, 7-15-2048 M.............................. 27
200 Ford Motor Credit Co.,
7.00%, 10-1-2013................................ 180
50 General Motors Acceptance Corp.,
6.75%, 12-1-2014................................ 42
150 Glencore Funding LLC, 6.00%,
4-15-2014 M..................................... 142
125 Goldman Sachs Group, Inc.,
5.15%, 1-15-2014................................ 126
100 Household Finance Corp.,
7.00%, 5-15-2012................................ 113
100 HSBC Capital Funding L.P.,
4.61%, 12-27-2049 M............................. 96
</Table>
The accompanying notes are an integral part of these financial statements.
115
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CORPORATE BONDS: INVESTMENT GRADE -- (continued)
FINANCE -- (CONTINUED)
$ 25 HVB Funding Trust III,
9.00%, 10-22-2031 M............................. $ 33
165 iStar Financial, Inc.,
5.70%, 3-1-2014................................. 164
50 J.P. Morgan Chase & Co.,
5.125%, 9-15-2014............................... 50
175 J.P. Morgan Chase & Co.,
5.25%, 5-1-2015................................. 179
175 Key Bank N.A., Inc.,
5.80%, 7-1-2014................................. 186
135 Merrill Lynch & Co., Inc.,
6.875% 11-15-2018............................... 156
200 Mizuho Financial Group, Inc.,
5.79%, 4-15-2014 M.............................. 207
175 Morgan Stanley,
4.75%, 4-1-2014................................. 169
100 Natexis AMBS Co. LLC,
8.44%, 12-29-2049 M............................. 112
150 Northern Rock plc,
5.60%, 4-30-2049 M.............................. 154
100 Rabobank Capital Funding II,
5.26%, 12-29-2049 M............................. 101
75 Russian Federation Government,
5.00%, 3-31-2030................................ 80
100 Santander Central Hispano Issuances Ltd.,
7.625%, 9-14-2010............................... 114
75 Shurgard Storage Centers, Inc.,
5.875%, 3-15-2013............................... 76
100 South Africa (Republic of),
7.375%, 4-25-2012............................... 112
100 Swedbank Foreningssparbanken,
9.00%, 12-31-2049 M............................. 118
115 TuranAlem Finance B.V.,
7.875%, 6-2-2010................................ 116
200 UFJ Finance Aruba AEC,
6.75%, 7-15-2013................................ 220
100 Vornado Realty L.P.,
4.75%, 12-1-2010................................ 98
100 Washington Mutual, Inc.,
4.625%, 4-1-2014................................ 96
50 Westpac Capital Trust III,
5.82%, 9-30-2013 M.............................. 52
100 Westpac Capital Trust IV,
5.26%, 12-31-2049 M............................. 100
-------
4,117
-------
HEALTH CARE -- 1.2%
100 Boston Scientific Corp.,
5.45%, 6-15-2014................................ 104
150 Cardinal Health, Inc.,
4.00%, 6-15-2015................................ 137
75 Manor Care, Inc.,
6.25%, 5-1-2013................................. 80
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
HEALTH CARE -- (CONTINUED)
$ 100 Universal Health Services, Inc.,
6.75%, 11-15-2011............................... $ 110
150 Wyeth,
5.50%, 2-1-2014................................. 156
-------
587
-------
SERVICES -- 3.8%
100 AMB Property L.P.,
7.50%, 6-30-2018................................ 116
10 American Greetings Corp.,
6.10%, 8-1-2028................................. 10
150 Cendant Corp.,
7.125%, 3-15-2015............................... 169
150 Clear Channel Communications, Inc.,
5.50%, 9-15-2014................................ 142
100 Comcast Cable Communications, Inc.,
6.75%, 1-30-2011................................ 110
100 Comcast Cable Communications, Inc.,
8.875%, 5-1-2017................................ 130
75 Harrah's Operating Co., Inc.,
5.375%, 12-15-2013.............................. 75
100 Hilton Hotels Corp.,
7.50%, 12-15-2017............................... 116
150 Hyatt Equities LLC,
6.875%, 6-15-2007 M............................. 155
100 InterActive Corp.,
7.00%, 1-15-2013................................ 106
175 Liberty Media Corp.,
5.70%, 5-15-2013................................ 166
150 Marriott International, Inc.,
7.875%, 9-15-2009............................... 169
150 News America Holdings, Inc.,
7.75%, 1-20-2024................................ 178
50 News America Holdings, Inc.,
9.25%, 2-1-2013................................. 63
150 Quebecor World Capital Corp.,
6.125%, 11-15-2013.............................. 151
-------
1,856
-------
TECHNOLOGY -- 3.3%
210 AT&T Wireless Services, Inc.,
8.125%, 5-1-2012................................ 248
100 British Sky Broadcasting Group plc,
6.875%, 2-23-2009............................... 108
125 Cox Communications, Inc.,
4.625%, 6-1-2013................................ 119
150 Deutsche Telekom International Finance B.V.,
5.25%, 7-22-2013................................ 153
150 France Telecom S.A.,
8.00%, 3-1-2011................................. 173
110 Intelsat Ltd.,
6.50%, 11-1-2013................................ 87
150 Motorola, Inc.,
8.00%, 11-1-2011................................ 176
100 Sprint Capital Corp.,
6.90%, 5-1-2019................................. 112
</Table>
The accompanying notes are an integral part of these financial statements.
116
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CORPORATE BONDS: INVESTMENT GRADE -- (continued)
TECHNOLOGY -- (CONTINUED)
$ 150 Thomas & Betts Corp.,
7.25%, 6-1-2013................................. $ 162
50 Time Warner Entertainment Co. L.P.,
8.375%, 3-15-2023............................... 63
160 Turner Broadcasting System, Inc.,
8.375%, 7-1-2013................................ 194
-------
1,595
-------
TRANSPORTATION -- 0.7%
113 American Airlines, Inc.,
6.98%, 4-1-2011................................. 116
110 Carnival Corp.,
6.65%, 1-15-2028................................ 126
100 Continental Airlines, Inc.,
6.56%, 8-15-2013................................ 106
-------
348
-------
UTILITIES -- 1.3%
75 Consumers Energy Co.,
5.375%, 4-15-2013............................... 77
50 Consumers Energy Co.,
6.00%, 2-15-2014................................ 53
150 Duke Energy Corp.,
5.30%, 10-1-2015................................ 154
75 Empresa Nacional de Electricidad S.A., 8.35%,
8-1-2013........................................ 85
125 Kinder Morgan, Inc.,
5.15%, 3-1-2015................................. 124
33 Southern California Edison Co.,
8.00%, 2-15-2007................................ 35
100 Tampa Electric Co.,
6.375%, 8-15-2012............................... 109
-------
637
-------
Total corporate bonds:
investment grade
(cost $12,317).................................. $12,530
-------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 22.0%
BASIC MATERIALS -- 3.2%
70 AEP Industries, Inc.,
7.875%, 3-15-2013 M............................. $ 69
100 AK Steel Corp.,
7.75%, 6-15-2012................................ 89
100 Asia Aluminum Holdings Ltd.,
8.00%, 12-23-2011 M............................. 95
45 Boise Cascade LLC,
7.125%, 10-15-2014 M............................ 43
65 Bowater, Inc.,
6.50%, 6-15-2013................................ 59
100 California Steel Industries, Inc.,
6.125%, 3-15-2014............................... 91
100 Century Aluminum Co.,
7.50%, 8-15-2014................................ 98
70 Crown European Holdings S.A.,
9.50%, 3-1-2011................................. 76
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
BASIC MATERIALS -- (CONTINUED)
$ 100 Georgia-Pacific Corp.,
8.875%, 5-15-2031............................... $ 115
75 International Steel Group, Inc.,
6.50%, 4-15-2014................................ 74
85 Jefferson Smurfit Corp.,
7.50%, 6-1-2013................................. 79
15 Norampac, Inc.,
6.75%, 6-1-2013................................. 15
145 Novelis, Inc.,
7.25%, 2-15-2015 M.............................. 140
75 Owens-Brockway Glass Container, Inc.,
8.75%, 11-15-2012............................... 82
15 Peabody Energy Corp.,
6.875%, 3-15-2013............................... 16
75 Plastipak Holdings, Inc.,
10.75%, 9-1-2011................................ 82
70 PolyOne Corp.,
8.875%, 5-1-2012................................ 74
110 Rhodia S.A.,
10.25%, 6-1-2010................................ 117
33 United States Steel Corp.,
10.75%, 8-1-2008................................ 37
40 Vale Overseas Ltd.,
8.25%, 1-17-2034................................ 42
52 Westlake Chemical Corp.,
8.75%, 7-15-2011................................ 57
-------
1,550
-------
CAPITAL GOODS -- 1.3%
100 Bombardier Recreational Products, Inc.,
8.375%, 12-15-2013.............................. 104
100 Bombardier, Inc.,
6.75%, 5-1-2012 M............................... 90
110 Cummins, Inc.,
7.125%, 3-1-2028................................ 107
100 K2, Inc.,
7.375%, 7-1-2014................................ 102
145 Rexnord Corp.,
10.125%, 12-15-2012............................. 155
20 Scientific Games Corp.,
6.25%, 12-15-2012 M............................. 20
50 Terex Corp.,
7.375%, 1-15-2014............................... 50
-------
628
-------
CONSUMER CYCLICAL -- 1.3%
100 D.R. Horton, Inc.,
5.625%, 9-15-2014............................... 97
75 Group 1 Automotive, Inc.,
8.25%, 8-15-2013................................ 75
75 Ingles Markets, Inc.,
8.875%, 12-1-2011............................... 75
50 Invista,
9.25%, 5-1-2012 M............................... 53
50 Pep Boys Manny Moe & Jack Corp.,
7.50%, 12-15-2014............................... 48
</Table>
The accompanying notes are an integral part of these financial statements.
117
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
CONSUMER CYCLICAL -- (CONTINUED)
$ 75 Phillips Van-Heusen Corp.,
7.75%, 11-15-2023............................... $ 77
65 Russel Metals, Inc.,
6.375%, 3-1-2014................................ 62
105 Stater Brothers Holdings, Inc.,
8.125%, 6-15-2012............................... 98
25 United Components, Inc.,
9.375%, 6-15-2013............................... 23
30 Warnaco, Inc.,
8.875%, 6-15-2013............................... 32
-------
640
-------
CONSUMER STAPLES -- 1.2%
100 Cosan S.A. Industria E Com.,
9.00%, 11-1-2009 M.............................. 101
75 Del Monte Corp.,
6.75%, 2-15-2015 M.............................. 72
30 Del Monte Corp.,
8.625%, 12-15-2012.............................. 32
1 Dole Food Co., Inc.,
8.875%, 3-15-2011............................... 1
90 Pierre Foods, Inc.,
9.875%, 7-15-2012............................... 92
100 Pilgrim's Pride Corp.,
9.25%, 11-15-2013............................... 111
100 Smithfield Foods, Inc.,
7.75%, 5-15-2013................................ 107
100 Tembec Industries, Inc.,
7.75%, 3-15-2012................................ 76
-------
592
-------
ENERGY -- 1.9%
50 Citgo Petroleum Corp.,
6.00%, 10-15-2011............................... 49
65 Comstock Resources, Inc.,
6.875%, 3-1-2012................................ 63
10 CONSOL Energy, Inc.,
7.875%, 3-1-2012................................ 11
100 Giant Industries, Inc.,
8.00%, 5-15-2014................................ 100
45 Houston Exploration Co.,
7.00%, 6-15-2013................................ 45
100 Naftogaz Ukrainy,
8.125%, 9-30-2009............................... 103
100 Noble Group Ltd.,
6.625%, 3-17-2015 M............................. 89
60 Panva Gas Holdings Ltd.,
8.25%, 9-23-2011................................ 62
75 Petrobras International Finance Co.,
9.125%, 7-2-2013................................ 82
38 Port Arthur Finance Corp.,
12.50%, 1-15-2009............................... 43
85 Premcor Refining Group, Inc.,
6.75%, 2-1-2011................................. 90
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
ENERGY -- (CONTINUED)
$ 15 Premcor Refining Group, Inc.,
9.25%, 2-1-2010................................. $ 17
50 Stone Energy Corp.,
6.75%, 12-15-2014............................... 47
50 Vintage Petroleum, Inc.,
8.25%, 5-1-2012................................. 54
70 Whiting Petroleum Corp.,
7.25%, 5-1-2012................................. 70
-------
925
-------
FINANCE -- 4.1%
110 American Real Estate Partners L.P.,
7.125%, 2-15-2013 M............................. 106
100 ATF Bank JSC,
9.25%, 4-12-2012 M.............................. 99
75 BCP Crystal Holdings Corp.,
9.625%, 6-15-2014............................... 83
95 Brazil (Republic of),
10.50%, 7-14-2014............................... 107
110 Columbia (Republic of),
10.75%, 1-15-2013............................... 125
30 El Salvador (Republic of),
8.25%, 4-10-2032................................ 31
21 Forest City Enterprises, Inc.,
7.625%, 6-1-2015................................ 22
100 Host Marriott L.P.,
6.375%, 3-15-2015 M............................. 95
75 IPC Acquisition Corp.,
11.50%, 12-15-2009.............................. 82
40 Kazkommerts International B.V.,
7.875%, 4-7-2014 M.............................. 40
40 Kazkommerts International B.V.,
7.875%, 4-7-2014................................ 40
55 Lebanon (Republic of),
5.88%, 11-30-2009 MX............................ 53
470 Lehman High Yield TRAIN,
8.21%, 2004-1 8-1-2015 MX....................... 478
67 Nigeria Promissory Note,
5.09%, 1-5-2010................................. 60
60 Panama (Republic of),
8.875%, 9-30-2027............................... 67
50 Panama (Republic of),
9.625%, 2-8-2011................................ 59
59 Peru (Republic of),
5.00%, 3-7-2017................................. 55
90 Peru (Republic of),
8.75%, 11-21-2033............................... 95
100 Philippines (Republic of),
10.625%, 3-16-2025.............................. 108
50 Turkey (Republic of),
12.00%, 12-15-2008.............................. 59
50 Uruguay (Republic of),
7.50%, 3-15-2015................................ 45
100 Venezuela (Republic of),
5.375%, 8-7-2010................................ 89
-------
1,998
-------
</Table>
The accompanying notes are an integral part of these financial statements.
118
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
HEALTH CARE -- 0.5%
$ 80 Coventry Health Care, Inc.,
5.875%, 1-15-2012............................... $ 80
100 HCA, Inc.,
6.95%, 5-1-2012................................. 104
100 Select Medical Corp.,
7.625%, 2-1-2015 M.............................. 98
-------
282
-------
SERVICES -- 3.0%
110 Allied Waste North America, Inc.,
5.75%, 2-15-2011................................ 97
30 Cenveo Corp.,
7.875%, 12-1-2013............................... 28
130 CSC Holdings, Inc.,
6.75%, 4-15-2012 M.............................. 126
100 Dex Media West LLC,
5.875%, 11-15-2011.............................. 96
70 EchoStar DBS Corp.,
5.75%, 10-1-2008................................ 69
12 HMH Properties, Inc.,
7.875%, 8-1-2008................................ 12
100 ITT Corp.,
7.375%, 11-15-2015.............................. 107
100 John Q. Hammons Hotels, Inc.,
8.875%, 5-15-2012............................... 106
85 Knowledge Learning Center, Inc.,
7.75%, 2-1-2015 M............................... 81
30 Lamar Media Corp.,
7.25%, 1-1-2013................................. 31
75 Medianews Group, Inc.,
6.875%, 10-1-2013............................... 73
100 Mohegan Tribal Gaming Authority,
6.125%, 2-15-2013 M............................. 98
125 Penn National Gaming, Inc.,
6.75%, 3-1-2015 M............................... 120
50 Primedia, Inc.,
7.625%, 4-1-2008................................ 50
50 Primedia, Inc.,
8.00%, 5-15-2013................................ 50
45 R.H. Donnelley Financial Corp. I,
8.875%, 12-15-2010 M............................ 49
110 Reader's Digest Association, Inc.,
6.50%, 3-1-2011................................. 109
35 Service Corp. International,
6.50%, 3-15-2008................................ 35
20 Service Corp. International,
6.75%, 4-1-2016................................. 19
100 Service Corp. International,
7.70%, 4-15-2009................................ 104
-------
1,460
-------
TECHNOLOGY -- 3.0%
20 Amkor Technology, Inc.,
7.75%, 5-15-2013................................ 16
55 AT&T Corp.,
9.05%, 11-15-2011............................... 63
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
TECHNOLOGY -- (CONTINUED)
$ 35 Charter Communications Holdings LLC,
10.00%, 4-1-2009................................ $ 26
130 Charter Communications Operating LLC,
8.00%, 4-30-2012 M.............................. 125
80 Cincinnati Bell, Inc.,
8.375%, 1-15-2014............................... 76
60 DaVita, Inc.,
6.625%, 3-15-2013 M............................. 59
80 DirecTV Holdings LLC,
8.375%, 3-15-2013............................... 87
60 Fimep S.A.,
10.50%, 2-15-2013............................... 67
35 Fisher Scientific International, Inc.,
6.75%, 8-15-2014 M.............................. 35
65 Fisher Scientific International, Inc.,
8.125%, 5-1-2012................................ 72
100 Hawaiian Telecom Communications, Inc.,
9.75%, 5-1-2013 M............................... 99
85 Houghton Mifflin Co.,
8.25%, 2-1-2011................................. 85
95 L-3 Communications Corp.,
6.125%, 7-15-2013............................... 94
50 Mediacom LLC,
9.50%, 1-15-2013................................ 48
95 PerkinElmer, Inc.,
8.875%, 1-15-2013............................... 105
50 Rayovac Corp.,
7.375%, 2-1-2015 M.............................. 48
100 Rogers Cable, Inc.,
6.25%, 6-15-2013................................ 94
150 Rogers Wireless Communications, Inc.,
6.375%, 3-1-2014................................ 144
125 Valor Telecom Enterprise, Inc.,
7.75%, 2-15-2015 M.............................. 120
-------
1,463
-------
TRANSPORTATION -- 0.8%
100 Hornbeck Offshore Services, Inc.,
6.125%, 12-1-2014............................... 99
150 Royal Caribbean Cruises Ltd.,
6.875%, 12-1-2013............................... 156
150 Trinity Industries, Inc.,
6.50%, 3-15-2014................................ 144
-------
399
-------
UTILITIES -- 1.7%
60 CMS Energy Corp.,
8.50%, 4-15-2011................................ 64
50 Dynegy Holdings, Inc.,
10.125%, 7-15-2013 M............................ 51
25 El Paso Corp.,
7.875%, 6-15-2012............................... 24
</Table>
The accompanying notes are an integral part of these financial statements.
119
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 50 Montana Power Co.,
7.30%, 12-1-2006 M.............................. $ 52
100 Nevada Power Co.,
9.00%, 8-15-2013................................ 110
117 NRG Energy, Inc.,
8.00%, 12-15-2013 M............................. 118
55 Reliant Energy, Inc.,
6.75%, 12-15-2014............................... 49
105 TECO Energy, Inc.,
7.20%, 5-1-2011................................. 111
100 Tennessee Gas Pipeline Co.,
8.375%, 6-15-2032............................... 115
35 Texas Genco LLC,
6.875%, 12-15-2014 M............................ 34
100 Texas-New Mexico Power Co.,
6.125%, 6-1-2008................................ 102
-------
830
-------
Total corporate bonds:
non-investment grade
(cost $10,873).................................. $10,767
-------
U.S. GOVERNMENT SECURITIES -- 27.3%
U.S. TREASURY SECURITIES -- 27.3%
6,480 0.875% 2010 J..................................... $ 6,471
4,805 3.375% 2007 J..................................... 6,105
810 3.75% 2007........................................ 811
-------
Total U.S. government securities
(cost $13,324).................................. $13,387
-------
U.S. GOVERNMENT AGENCIES -- 10.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 4.7%
200 4.10% 2014........................................ $ 198
687 5.50% 2032........................................ 696
1,313 6.50% 2032........................................ 1,395
-------
2,289
-------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 5.9%
1,336 5.00% 2017-2035................................... 1,336
1,552 5.50% 2032-2033................................... 1,568
-------
2,904
-------
Total U.S. government agencies
(cost $5,176)................................... $ 5,193
-------
Total long-term investments
(cost $47,983).................................. $48,134
-------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
SHORT-TERM INVESTMENTS -- 1.6%
FINANCE -- 1.6%
$ 253 BNP Paribas Repurchase Agreement,
2.83% 5-2-2005.................................. $ 253
233 RBS Greenwich Repurchase Agreement,
2.84%, 5-2-2005................................. 233
274 UBS Securities, LLC Repurchase Agreement,
2.84%, 5-2-2005................................. 274
-------
Total short-term investments
(cost $760)..................................... $ 760
-------
Total investments in securities
(cost $48,743) O................................ $48,894
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 11.64% of total net assets at April 30, 2005.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $48,743 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation....................... $ 701
Unrealized depreciation....................... (550)
-----
Net unrealized appreciation................... $ 151
=====
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors". Pursuant to guidelines adopted by the
Board of Directors, these issues are determined to be liquid. The aggregate
value of these securities at April 30, 2005, was $6,049, which represents
12.35% of total net assets.
X Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
J 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.
W The interest rates disclosed for interest only strips represent
effective yields based upon estimated future cash flows at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
120
THE HARTFORD INFLATION PLUS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 1.9%
FINANCE -- 1.9%
$ 1,457 American Express Credit Account Master Trust,
3.45%, 2-15-2012 MX............................. $ 1,461
3,000 Countrywide Asset Backed Certificates, 3.22%,
7-25-2035 X..................................... 3,000
4,000 CS First Boston Mortgage Securities Corp., 3.60%,
11-15-2014 MX................................... 4,007
1,900 Granite Mortgages plc, 3.64%, 9-20-2044 X......... 1,900
2,000 Granite Mortgages plc, 4.52%, 10-20-2041 X........ 2,016
3,000 Permanent Financing plc, 3.77%, 6-10-2042 X....... 3,049
2,000 Wachovia Bank Commercial Mortgage Trust, 3.41%,
10-15-2015 MX................................... 2,002
--------
Total asset backed and commercial
mortgage securities
(cost $17,395).................................. $ 17,435
--------
CORPORATE BONDS: INVESTMENT GRADE -- 0.3%
FINANCE -- 0.3%
2,600 SLM Corp., 4.13%, 4-1-2009 X...................... $ 2,587
--------
Total corporate bonds: investment grade (cost
$2,605)......................................... $ 2,587
--------
U.S. GOVERNMENT SECURITIES -- 96.1%
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.4%
3,000 Tennessee Valley Authority, 3.375%, 1-15-2007 J... $ 3,806
--------
U.S. TREASURY SECURITIES -- 95.7%
27,905 0.875% 2010 J..................................... 27,868
40,720 1.625% 2015 J..................................... 41,016
57,535 1.875% 2013 J..................................... 61,933
144,662 2.00% 2014 J...................................... 154,427
60,030 2.375% 2025 J..................................... 66,715
72,610 3.00% 2012 J...................................... 86,155
41,640 3.375% 2007-2032 J................................ 55,983
20,455 3.50% 2011 J...................................... 25,359
113,120 3.625% 2008-2028 J................................ 155,266
112,207 3.875% 2009-2029 J................................ 167,626
32,695 4.25% 2010 J...................................... 42,636
--------
884,984
--------
Total U.S. government securities (cost
$862,559)....................................... $888,790
--------
Total long-term investments
(cost $882,559)................................. $908,812
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- 1.0%
FINANCE -- 1.0%
$ 2,852 BNP Paribas Repurchase Agreement, 2.83%
5-2-2005........................................ $ 2,852
2,632 RBS Greenwich Repurchase Agreement, 2.84%,
5-2-2005........................................ 2,632
3,092 UBS Securities, LLC Repurchase Agreement, 2.84%,
5-2-2005........................................ 3,092
--------
8,576
--------
U.S. GOVERNMENT SECURITIES -- 0.0%
250 U.S. Treasury Bill, 2.74%, 6-16-2005.............. 248
--------
Total short-term investments
(cost $8,824)................................... $ 8,824
--------
Total investments in securities
(cost $891,383) O............................... $917,636
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 0.75% of total net assets at April 30, 2005.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $893,982 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $24,206
Unrealized depreciation......................... (552)
-------
Net unrealized appreciation..................... $23,654
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $7,470, which represents 0.81%
of total net assets.
X Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
J 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.
The accompanying notes are an integral part of these financial statements.
121
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 91.8%
AUSTRALIA -- 0.8%
597 Macquaire Airports................................ $ 1,565
--------
CANADA -- 8.6%
32 Canadian National Railway Co...................... 1,845
60 Canadian Pacific Railway Ltd...................... 2,089
79 Inco Ltd. BH ..................................... 2,820
78 Petro-Canada...................................... 4,311
43 Research In Motion Ltd. B ........................ 2,737
70 Rona, Inc. B ..................................... 1,352
34 SNC-Lavalin Group, Inc. .......................... 1,981
16 Talisman Energy, Inc. H .......................... 487
--------
17,622
--------
FINLAND -- 2.4%
309 Nokia Oyj ADR..................................... 4,938
--------
FRANCE -- 11.3%
109 AXA H ............................................ 2,719
42 Carrefour S.A. H ................................. 2,024
47 Cie Generale d'Optique Essilor International
S.A. H ......................................... 3,391
7 Club Mediterranee BH ............................. 355
54 Dassault Systemes S.A. H ......................... 2,551
68 France Telecom S.A. H ............................ 1,989
38 Groupe Danone H .................................. 3,592
20 Pernod-Ricard H .................................. 3,016
20 Unibail H ........................................ 2,402
45 Vivendi Universal S.A. BH ........................ 1,353
--------
23,392
--------
GERMANY -- 4.4%
208 Bayerische Hypo-und Vereinsbank AG B ............. 4,950
12 Commerzbank AG.................................... 270
17 Merck KGaA........................................ 1,257
16 SAP AG H ......................................... 2,521
--------
8,998
--------
GREECE -- 0.6%
44 EFG Eurobank Ergasias S.A. ....................... 1,326
--------
HONG KONG -- 3.2%
2,646 CNOOC Ltd. ....................................... 1,424
685 Esprit Holdings Ltd. V............................ 5,099
--------
6,523
--------
IRELAND -- 0.6%
29 Ryanair Holdings plc ADR BH ...................... 1,152
--------
ITALY -- 1.9%
215 Banca Intesa S.p.A. H ............................ 1,026
113 ENI-Ente Nazionale Idrocarburi S.p.A. H .......... 2,841
--------
3,867
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
JAPAN -- 10.0%
19 Bank of Yokohama Ltd. ............................ $ 109
61 Eisai Co. Ltd. ................................... 2,016
@@ Japan Tobacco, Inc. .............................. 3,129
12 Keyence Corp. .................................... 2,647
@@ Mitsubishi Tokyo Financial Group, Inc. H ......... 3,112
160 Nippon Electric Glass Co. Ltd. ................... 2,543
6 ORIX Corp. ....................................... 828
151 Sekisui House Ltd. ............................... 1,594
89 Suzuki Motor Corp. ............................... 1,512
48 Terumo Corp....................................... 1,409
46 Trend Micro, Inc. H .............................. 1,644
--------
20,543
--------
LUXEMBOURG -- 1.4%
219 SES Global M ..................................... 2,930
--------
MEXICO -- 2.0%
73 Grupo Televisa S.A. ADR........................... 4,095
--------
NETHERLANDS -- 7.5%
192 European Aeronautic Defence and Space Co. H ...... 5,466
108 Koninklijke (Royal) KPN N.V. B ................... 4,481
739 Koninklijke Ahold N.V. B ......................... 5,590
--------
15,537
--------
SOUTH KOREA -- 2.7%
101 L.G. Philips LCD Co. Ltd. BH ..................... 4,710
2 Samsung Electronics Co. Ltd. ..................... 915
--------
5,625
--------
SPAIN -- 1.4%
193 Banco Bilbao Vizcaya Argentaria S.A. ............. 2,982
--------
SWEDEN -- 1.3%
920 Telefonaktiebolaget LM Ericsson BH ............... 2,723
--------
SWITZERLAND -- 8.3%
68 Credit Suisse Group H ............................ 2,844
9 Kuehne & Nagel International AG H ................ 1,758
44 Roche Holding AG.................................. 5,314
110 Swatch Group AG H ................................ 2,879
36 UBS AG B ......................................... 2,854
9 Zurich Financial Services AG...................... 1,462
--------
17,111
--------
TAIWAN -- 7.0%
383 AU Optronics Corp. ADR B ......................... 6,212
3,371 Chi Mei Optoelectronics Corp. .................... 5,714
294 Taiwan Semiconductor Manufacturing Co. Ltd. ADR... 2,532
--------
14,458
--------
</Table>
The accompanying notes are an integral part of these financial statements.
122
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
UNITED KINGDOM -- 16.4%
134 AstraZeneca plc................................... $ 5,860
646 Capita Group plc.................................. 4,660
1,246 Carphone Warehouse Group plc...................... 3,532
1,311 EMI Group plc..................................... 5,982
135 GUS plc........................................... 2,163
135 Imperial Tobacco Group plc........................ 3,881
61 Reckitt Benckiser plc............................. 1,987
111 Standard Chartered plc............................ 2,002
1,449 Vodafone Group plc................................ 3,786
33,853
--------
Total common stock
(cost $186,158)................................. $189,240
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 31.0%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 23.9%
$49,131 Navigator Prime Portfolio......................... $ 49,131
--------
UNITED STATES -- 7.1%
2,393 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. 2,393
404 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 404
4,039 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 4,039
2,765 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 2,765
932 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 932
4,164 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 4,164
--------
14,697
--------
Total short-term investments
(cost $63,828).................................. $ 63,828
--------
Total investments in securities
(cost $249,986) O .............................. $253,068
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $149,759, which represents 72.66% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $250,619 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 7,610
Unrealized depreciation......................... (5,161)
-------
Net unrealized appreciation..................... $ 2,449
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
<Caption>
PERIOD COST
ACQUIRED SHARES/PAR SECURITY BASIS
--------- ---------- -------- ------
2004-2005 685 Esprit Holdings Ltd. $3,711
</Table>
The aggregate value of these securities at April 30, 2005 was
$5,099, which represents 2.47% of total net assets.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $2,930, which represents 1.42%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005.
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ----------- ------ -------- -------- --------------
Euro Buy $112 $113 5/2/2005 $ (1)
Euro Buy 71 71 5/3/2005 @@
Euro Buy 153 153 5/4/2005 @@
Japanese Yen Sell 278 275 5/2/2005 (3)
Japanese Yen Sell 493 488 5/6/2005 (5)
Japanese Yen Sell 265 263 5/9/2005 (2)
----
$(11)
====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
123
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 95.0%
AUSTRALIA -- 0.8%
84 Publishing & Broadcasting Ltd. ................... $ 940
25 Santos Ltd. ...................................... 180
--------
1,120
--------
AUSTRIA -- 0.9%
30 Wienerberger AG H................................. 1,291
--------
BRAZIL -- 1.4%
49 Companhia Vale do Rio Doce ADR.................... 1,318
15 Petroleo Brasileiro S.A. ADR...................... 625
--------
1,943
--------
CANADA -- 6.5%
20 Cameco Corp. ..................................... 770
52 Canadian Pacific Railway Ltd. .................... 1,806
17 EnCana Corp. H.................................... 1,109
35 Fairmont Hotels & Resorts, Inc. .................. 1,107
44 Petro-Canada...................................... 2,448
59 Talisman Energy, Inc. H........................... 1,780
--------
9,020
--------
DENMARK -- 1.0%
28 Carlsberg A/S Class B H........................... 1,356
--------
EGYPT -- 0.7%
25 Orascom Telecom Holding GDR B..................... 1,017
--------
FRANCE -- 11.9%
33 AXA H............................................. 816
29 Cie Generale d'Optique Essilor International S.A.
H............................................... 2,090
56 Credit Agricole S.A. H............................ 1,458
54 France Telecom S.A. H............................. 1,592
10 L' Air Liquide H.................................. 1,723
28 Sanofi-Aventis S.A. H............................. 2,479
39 Societe Television Francaise 1 H.................. 1,110
11 Total S.A. H...................................... 2,447
1 Unibail H......................................... 169
84 Vivendi Universal S.A. BH......................... 2,501
--------
16,385
--------
GERMANY -- 4.2%
73 Bayerische Hypo-und Vereinsbank AG B.............. 1,739
130 Deutsche Telekom AG BH............................ 2,452
14 Muenchener Rueckversicherungs-Gesellschaft AG H... 1,584
--------
5,775
--------
HONG KONG -- 2.8%
272 Esprit Holdings Ltd. V............................ 2,026
339 Hysan Development Co. Ltd. H...................... 701
121 Sun Hung Kai Properties Ltd. ..................... 1,159
--------
3,886
--------
HUNGARY -- 0.5%
9 Mol Magyr Olaj-Es Gazipari........................ 743
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
INDIA -- 0.6%
19 Infosys Technologies Ltd. ........................ $ 810
--------
INDONESIA -- 0.6%
45 P.T. Telekomunikasi Indonesia ADR................. 804
--------
IRELAND -- 0.5%
72 Ryanair Holdings plc B............................ 518
7 Ryanair Holdings plc ADR BH....................... 265
--------
783
--------
ITALY -- 4.8%
220 Banca Intesa S.p.A. H............................. 1,050
254 Capitalia S.p.A. H................................ 1,362
98 ENI-Ente Nazionale Idrocarburi S.p.A. H........... 2,475
94 Geox S.p.A. M..................................... 819
76 Mediaset S.p.A. .................................. 982
--------
6,688
--------
JAPAN -- 17.4%
38 Canon, Inc. ...................................... 1,976
127 Central Glass Co. Ltd. H.......................... 873
40 Eisai Co. Ltd. ................................... 1,329
38 Electric Power Development Co. Ltd. MH............ 1,142
14 Fast Retailing Co. Ltd. .......................... 833
29 Fuji Photo Film Co. Ltd. ......................... 957
@@ Japan Tobacco, Inc. .............................. 2,885
5 Keyence Corp. .................................... 1,037
9 NIDEC Corp. H..................................... 1,092
10 ORIX Corp. ....................................... 1,398
42 Sankyo Co. Ltd. H................................. 881
30 Shin-Etsu Chemical Co. Ltd. ...................... 1,088
26 Sony Corp. ....................................... 967
64 Suzuki Motor Corp. ............................... 1,097
21 Takeda Pharmaceutical Co. Ltd. ................... 998
26 Takefuji Corp. ................................... 1,654
26 Terumo Corp. ..................................... 774
@@ UFJ Holdings, Inc. B.............................. 1,792
37 World Co. Ltd. ................................... 1,220
--------
23,993
--------
MALAYSIA -- 0.5%
476 Astro All Asia Networks plc B..................... 652
--------
MEXICO -- 1.0%
26 Fomento Economico Mexicano S.A. de C.V. ADR....... 1,332
--------
NETHERLANDS -- 4.8%
78 Aegon N.V. ....................................... 975
12 ASML Holding N.V. B............................... 177
47 ASML Holding N.V. BH.............................. 674
44 European Aeronautic Defence and Space Co. H....... 1,247
46 Koninklijke (Royal) KPN N.V. B.................... 1,903
226 Koninklijke Ahold N.V. B.......................... 1,710
--------
6,686
--------
PHILIPPINES -- 0.6%
32 Philippine Long Distance Telephone Co. B.......... 824
--------
</Table>
The accompanying notes are an integral part of these financial statements.
124
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
SPAIN -- 2.0%
181 Banco Bilbao Vizcaya Argentaria S.A. ............. $ 2,807
--------
SWEDEN -- 3.7%
178 Nordea Bank AB H.................................. 1,690
165 Swedish Match AB H................................ 1,944
502 Telefonaktiebolaget LM Ericsson BH................ 1,485
--------
5,119
--------
SWITZERLAND -- 7.9%
10 Nestle S.A. H..................................... 2,720
20 Roche Holding AG.................................. 2,407
64 STMicroelectronics N.V. H......................... 905
32 UBS AG H.......................................... 2,593
14 Zurich Financial Services AG...................... 2,298
--------
10,923
--------
TAIWAN -- 2.4%
76 AU Optronics Corp. ADR B.......................... 1,234
1,224 Taiwan Semiconductor Manufacturing Co. Ltd. ...... 2,037
--------
3,271
--------
TURKEY -- 0.5%
42 Turkcell Iletisim Hizmet ADR...................... 646
--------
UNITED KINGDOM -- 16.0%
75 AstraZeneca plc................................... 3,271
121 Aviva plc......................................... 1,364
84 BHP Billiton plc.................................. 1,026
324 Centrica plc...................................... 1,379
292 EMI Group plc..................................... 1,333
73 Enterprise Inns plc............................... 1,015
73 Imperial Tobacco Group plc........................ 2,103
44 Reckitt Benckiser plc............................. 1,435
127 Royal Bank of Scotland Group plc.................. 3,835
159 Vedanta Resources plc............................. 1,198
926 Vodafone Group plc................................ 2,421
158 WPP Group plc..................................... 1,718
--------
22,098
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
UNITED STATES -- 1.0%
19 Schlumberger Ltd. ................................ $ 1,320
--------
Total common stock
(cost $122,546)................................. $131,292
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 27.0%
SECURITIES PURCHASES WITH PROCEEDS FROM SECURITIES
LENDING -- 22.4%
$30,954 Navigator Prime Portfolio......................... $ 30,954
--------
UNITED STATES -- 4.6%
1,024 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. 1,024
173 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 173
1,728 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 1,728
1,183 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 1,183
399 UBS Warburg Securities, LLC Joint Repurchase
Agreement,
2.95%, 5-2-2005................................. 399
1,782 UBS Warburg Securities, LLC Joint Repurchase
Agreement,
2.96%, 5-2-2005................................. 1,782
--------
6,289
--------
Total short-term investments
(cost $37,243).................................. $ 37,243
--------
Total investments in securities
(cost $159,789) O............................... $168,535
========
</Table>
The accompanying notes are an integral part of these financial statements.
125
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 94.09% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $113,534, which represents 82.19% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $159,960 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $12,384
Unrealized depreciation......................... (3,809)
-------
Net unrealized appreciation..................... $ 8,575
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
<Caption>
PERIOD SHARES/ COST
ACQUIRED PAR SECURITY BASIS
-------- ------- --------------------- ------
Espirit Holdings Ltd.
2004 272 $1,316
</Table>
The aggregate value of these securities at April 30, 2005 was
$2,026, which represents 1.47% of total net assets.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $1,961, which represents 1.42%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ----------- ------ -------- --------- --------------
Australian Dollar Buy $ 43 $ 43 5/2/2005 $@@
Australian Dollar Buy 40 40 5/3/2005 @@
Australian Dollar Buy 54 54 5/4/2005 @@
Japanese Yen Buy 386 382 5/2/2005 4
British Sterling Pound Sell 1,309 1,318 7/20/2005 9
Japanese Yen Sell 923 914 5/9/2005 (9)
Swiss Franc Sell 1,334 1,378 7/20/2005 44
---
$48
===
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
126
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 97.5%
AUSTRALIA 3.7 %
622 Adsteam Marine Ltd. .............................. $ 898
214 AWB Ltd. ......................................... 749
215 Harvey Norman Holdings Ltd. H..................... 416
105 Leighton Holdings Ltd. ........................... 816
383 Minara Resources Ltd. BH.......................... 547
263 PaperlinX Ltd. ................................... 584
--------
4,010
--------
AUSTRIA -- 0.5%
112 Iluka Resources Ltd. H............................ 513
--------
BRAZIL -- 0.8%
69 Brasil Telecom S.A. ADR........................... 835
--------
CHINA -- 1.8%
1,950 Beijing Capital International Airport Co. Ltd.
Class H M....................................... 681
3,832 China Oilfield Services Ltd. ..................... 1,280
--------
1,961
--------
DENMARK -- 2.0%
32 Carlsberg A/S Class B H........................... 1,576
37 FLSmidth & Co. A/S B.............................. 631
--------
2,207
--------
FINLAND -- 1.5%
116 M-real Oyj........................................ 628
33 Orion Oyj B Shares................................ 550
16 Tietoenator Oyj................................... 489
--------
1,667
--------
FRANCE -- 11.3%
2,577 Alstom B.......................................... 2,000
8 Bacou-Dalloz H.................................... 725
12 BioMerieux........................................ 529
10 Cegedim S.A. ..................................... 796
7 Clarins S.A.B..................................... 424
34 Dassault Systemes S.A. H.......................... 1,589
45 M6-Metropole Television H......................... 1,152
73 NRJ Group......................................... 1,618
51 Publicis Groupe H................................. 1,465
41 Sodexho Alliance S.A. H........................... 1,372
12 Valeo S.A. H...................................... 533
--------
12,203
--------
GERMANY -- 6.2%
52 Comdirect Bank AG B............................... 416
36 ELMOS Semiconductor AG H.......................... 643
35 Heidelberger Druckmaschinen AG B.................. 995
40 Hochtief AG H..................................... 1,178
77 KarstadtQuelle AG H............................... 745
61 Kontron AG B...................................... 491
91 MG Technologies AG................................ 1,004
64 MLP AG H.......................................... 1,025
6 United Internet AG H.............................. 172
--------
6,669
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
GREECE -- 0.8%
226 Aktor S.A. Technical Co. ......................... $ 913
--------
HONG KONG -- 0.5%
2,016 Far East Pharmaceutical Technology Co.
Ltd. BVH........................................ @@
1,312 i-CABLE Communications Ltd. ...................... 493
--------
493
--------
ITALY -- 7.2%
519 AEM S.p.A. H...................................... 1,046
97 Brembo S.p.A. H................................... 756
110 Caltagirone Editore S.p.A. ....................... 1,004
59 Permasteelisa S.p.A. ............................. 1,002
699 Pirelli & Co. S.p.A. H............................ 798
83 Recordati S.p.A. ................................. 579
428 Sorin S.p.A. BH................................... 1,291
27 Tod's S.p.A. ..................................... 1,214
--------
7,690
--------
JAPAN -- 21.2%
129 77 Bank Ltd. ..................................... 872
23 Ariake Japan Co. Ltd. H........................... 573
34 Disco Corp. H..................................... 1,273
36 Fujimi, Inc. ..................................... 507
35 Futaba Corp. ..................................... 982
145 Gunma Bank Ltd. .................................. 823
13 Hakuhodo DY Holdings, Inc. ....................... 883
14 Hogy Medical Co. Ltd. ............................ 661
98 Hosiden Corp. .................................... 1,094
23 Japan Petroleum Exploration Co. Ltd. BH........... 944
1 Jupiter Telecommunications Co. Ltd. BM............ 647
65 Kobayashi Pharmaceutical Co. Ltd. ................ 1,720
53 Komori Corp. ..................................... 813
29 Milbon Co. Ltd. H................................. 878
174 Mochida Pharmaceutical Co. Ltd. .................. 1,176
47 Nikon Corp. H..................................... 493
23 OBIC Business Consultants Ltd. ................... 1,122
8 OBIC Co. Ltd. .................................... 1,367
27 Sumisho Computer Systems Corp. H.................. 634
33 Taiyo Ink Manufacturing Co. Ltd. ................. 1,260
96 Tanabe Seiyaku Co. Ltd............................ 1,010
39 Tokyo Ohka Kogyo Co. Ltd. ........................ 837
47 Toppan Forms Co. Ltd. ............................ 549
19 Towa Pharmaceutical Co. Ltd. ..................... 450
38 Union Tool Co. H.................................. 1,191
--------
22,759
--------
LIECHTENSTEIN -- 0.5%
3 Verwaltungs-und Privat-Bank AG.................... 493
--------
MALAYSIA -- 1.5%
376 Resorts World Berhad.............................. 946
465 YTL Corp. Berhad.................................. 655
--------
1,601
--------
</Table>
The accompanying notes are an integral part of these financial statements.
127
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
NETHERLANDS -- 4.1%
49 ASM International N.V. BH......................... $ 672
17 Exact Holding N.V. ............................... 545
39 Qiagen N.V. BH.................................... 509
49 Unit 4 Agresso N.V. B............................. 792
106 Wolters Kluwer N.V. .............................. 1,890
--------
4,408
--------
NEW ZEALAND -- 2.0%
321 Air New Zealand Ltd. ............................. 324
769 Carter Hold Harvey Ltd. .......................... 1,050
293 Warehouse Group Ltd. H............................ 803
--------
2,177
--------
SOUTH AFRICA -- 0.8%
10 Impala Platinum Holdings Ltd. .................... 867
--------
SOUTH KOREA -- 3.4%
64 Daewoo Heavy Industries & Machinery Ltd. ......... 528
190 Industrial Bank of Korea.......................... 1,649
35 KT Freetel Co. Ltd. .............................. 815
21 LG Household & Health Care Ltd. .................. 701
--------
3,693
--------
SPAIN -- 1.2%
56 Prosegur Compania de Seguridad S.A. .............. 1,237
--------
SWEDEN -- 1.7%
36 Munters AB H...................................... 848
175 Teleca AB Class B B............................... 949
--------
1,797
--------
SWITZERLAND -- 3.8%
34 Baloise Holding AG H.............................. 1,749
11 BB Biotech AG H................................... 603
14 Ciba Specialty Chemicals AG H..................... 894
9 Ems-Chemie Holding AG............................. 799
@@ Julius Baer Holding Ltd. ......................... 11
--------
4,056
--------
THAILAND -- 0.6%
6,163 Thai Military Bank Public Co. Ltd. B.............. 592
--------
UNITED KINGDOM -- 20.4%
346 Aggreko plc....................................... 1,211
159 AMVESCAP plc...................................... 925
145 Benfield Group Ltd. plc........................... 746
65 Cambridge Antibody Technology Group plc B......... 697
107 Capital Radio plc................................. 714
92 Cattles plc....................................... 533
87 De La Rue plc..................................... 614
1,416 Dimension Data Holdings plc B..................... 816
72 EMAP plc.......................................... 1,093
311 Group 4 Securicor plc B........................... 784
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
UNITED KINGDOM -- (CONTINUED)
123 GWR Group plc..................................... $ 483
176 Hiscox plc........................................ 517
227 Jardine Lloyd Thompson Group plc.................. 1,487
398 LogicaCMG plc..................................... 1,254
29 Lomin plc......................................... 508
58 Luminar plc....................................... 540
372 Misys plc......................................... 1,445
472 PHS Group plc..................................... 744
350 Premier Farnell plc............................... 990
524 Rentokil Initial plc.............................. 1,570
586 Royal & Sun Alliance Insurance Group plc.......... 855
344 Sage Group plc.................................... 1,289
89 Scottish & Newcastle plc.......................... 770
70 SurfControl plc B................................. 679
151 Yule Catto & Co. plc.............................. 698
--------
21,962
--------
Total common stock
(cost $104,079)................................. $104,803
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 23.8%
SECURITIES PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING -- 21.0%
$22,605 Navigator Prime Portfolio......................... $ 22,605
--------
UNITED STATES -- 2.8%
479 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. 479
81 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 81
808 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 808
553 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 553
187 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 187
833 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 833
--------
2,941
--------
Total short-term investments
(cost $25,546).................................. $ 25,546
--------
Total investments in securities
(cost $129,625) O............................... $130,349
========
</Table>
The accompanying notes are an integral part of these financial statements.
128
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 97.49% of total net assets as of April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $100,036, which represents 93.06% of total net assets.
B Currently non-income producing
O At April 30, 2005, the cost of securities for federal income tax
purposes is $130,172 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 4,729
Unrealized depreciation........................ (4,552)
--------
Net unrealized appreciation.................... $ 177
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities identified
below as 144A are securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities
Act of 1933, as amended, and may be sold only to dealers in that program or
to other "accredited investors".
<Table>
PERIOD ACQUIRED SHARES/PAR SECURITY COST BASIS
--------------- --- ----------------------- ----
2004 2,016 Far East Pharmaceutical $293
Technology Co. Ltd.
</Table>
The aggregate value of these securities at April 30, 2005, rounds to zero.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $1,328, which represents 1.24%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ----------- ------ -------- ---------- --------------
Australian Dollar Buy $ 236 $ 235 5/2/2005 $ 1
Australian Dollar Buy 64 64 5/3/2005 @@
Australian Dollar Buy 336 336 5/4/2005 @@
Swiss Francs Buy 61 61 5/2/2005 @@
Swiss Francs Buy 37 37 5/4/2005 @@
Euro Buy 163 163 5/4/2005 @@
Euro Sell 124 125 5/3/2005 1
Euro Sell 877 866 9/30/2005 (11)
Euro Sell 12,814 13,181 11/30/2005 367
British Pound Buy 108 108 5/5/2005 @@
British Pound Sell 4,067 3,897 6/30/2005 (170)
British Pound Sell 11,670 11,667 11/30/2005 (3)
British Pound Sell 1,115 1,098 3/31/2006 (17)
Hong Kong Dollars Sell 9 9 5/3/2005 @@
Japanese Yen Buy 28 28 5/2/2005 @@
Japanese Yen Sell 47 46 5/6/2005 (1)
Japanese Yen Sell 45 45 5/9/2005 @@
New Zealand Dollar Sell 4,319 4,173 10/31/2005 (146)
South African Rand Sell 1,066 1,067 3/17/2006 1
Swedish Krona Buy 21 21 5/2/2005 @@
-----
$ 22
=====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars rounds to zero.
The accompanying notes are an integral part of these financial statements.
129
THE HARTFORD MIDCAP FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 94.6%
BASIC MATERIALS -- 4.3%
789 Cameco Corp. ..................................... $ 30,676
845 Cemex S.A. de C.V. ADR............................ 30,431
232 Pactiv Corp. BH................................... 4,970
280 Precision Castparts Corp. ........................ 20,603
513 Rohm & Haas Co. .................................. 22,417
----------
109,097
----------
CAPITAL GOODS -- 0.0%
208,535 Rolls-Royce Group plc Class B..................... 408
----------
CONSUMER CYCLICAL -- 19.9%
1,048 Abercrombie & Fitch Co. Class A................... 56,534
1,656 American Tower Corp. Class BH..................... 28,532
273 BorgWarner, Inc. ................................. 12,463
682 CDW Corp. ........................................ 37,304
312 Centex Corp. ..................................... 17,980
812 Chico's FAS, Inc. BH.............................. 20,806
1,133 Coach, Inc. B..................................... 30,356
1,682 D.R. Horton, Inc. ................................ 51,293
520 Fastenal Co. ..................................... 27,862
385 Johnson Controls, Inc. ........................... 21,141
330 Lear Corp. ....................................... 11,177
299 Lennar Corp. Class A.............................. 15,395
964 Michaels Stores, Inc. ............................ 32,005
320 Mohawk Industries, Inc. BH........................ 24,884
319 Oshkosh Truck Corp. .............................. 23,980
424 PACCAR, Inc. ..................................... 28,796
570 PetsMart, Inc. ................................... 15,185
912 Ross Stores, Inc. ................................ 24,361
373 The Scotts Miracle-Gro Co. Class BH............... 26,998
----------
507,052
----------
CONSUMER STAPLES -- 0.8%
378 Constellation Brands, Inc. Class AB............... 19,903
----------
ENERGY -- 8.0%
1,591 Chesapeake Energy Corp. .......................... 30,617
759 EOG Resources, Inc. .............................. 36,094
1,190 GlobalSantaFe Corp. .............................. 39,987
467 Nabors Industries Ltd. BH......................... 25,148
855 Noble Corp. H..................................... 43,499
428 Premcor, Inc. .................................... 28,286
----------
203,631
----------
FINANCE -- 22.5%
627 Assurant, Inc. ................................... 20,741
315 Blackrock, Inc. Class A........................... 23,575
236 Brown & Brown, Inc. .............................. 10,334
482 City National Corp. .............................. 33,981
998 Countrywide Financial Corp. ...................... 36,099
712 Eaton Vance Corp. ................................ 16,689
1,114 Equifax, Inc. .................................... 37,476
236 Everest Re Group Ltd. ............................ 19,432
862 Gallagher (Arthur J.) & Co. ...................... 24,004
982 General Growth Properties, Inc. .................. 38,398
508 Golden West Financial Corp. ...................... 31,645
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
FINANCE -- (CONTINUED)
1,992 Host Marriott Corp. .............................. $ 33,509
371 iStar Financial, Inc. ............................ 14,785
581 Legg Mason, Inc. ................................. 41,146
777 Marsh & McLennan Companies, Inc. ................. 21,774
461 PacifiCare Health Systems, Inc. B................. 27,525
2,334 Providian Financial Corp. BH...................... 38,903
644 State Street Corp. ............................... 29,767
357 UnionBanCal Corp. ................................ 21,947
357 Webster Financial Corp. .......................... 16,212
56 White Mountains Insurance Group Ltd. ............. 34,987
----------
572,929
----------
HEALTH CARE -- 7.3%
108 Biovail Corp. BH.................................. 1,488
353 Cephalon, Inc. BH................................. 15,485
479 Coventry Health Care, Inc. BH..................... 32,778
502 Edwards Lifesciences Corp. BH..................... 22,126
760 IVAX Corp. B...................................... 14,362
525 Manor Care, Inc. ................................. 17,512
348 McKesson Corp. ................................... 12,882
2,467 Millennium Pharmaceuticals, Inc. BH............... 21,612
396 OSI Pharmaceuticals, Inc. BH...................... 18,735
269 Quest Diagnostics, Inc. .......................... 28,439
----------
185,419
----------
SERVICES -- 15.8%
835 Alliance Data Systems Corp. B..................... 33,750
316 Apollo Group, Inc. Class A BH..................... 22,812
1,998 BISYS Group, Inc. BH.............................. 28,216
31 C.H. Robinson Worldwide, Inc. .................... 1,584
303 Cablevision Systems Corp. Class A B............... 7,853
560 CheckFree Corp. BH................................ 20,545
217 Cognizant Technology Solutions Corp. BH........... 9,116
1,134 Education Management Corp. B...................... 31,760
763 Fiserv, Inc. BH................................... 32,283
385 Harrah's Entertainment, Inc. ..................... 25,238
608 Lamar Advertising Co. BH.......................... 22,727
450 Manpower, Inc. ................................... 17,354
991 Monster Worldwide, Inc. BH........................ 22,812
1,233 Pixar BH.......................................... 56,416
924 Robert Half International, Inc. .................. 22,926
608 Scripps (E.W.) Co. Class A........................ 30,964
342 Wynn Resorts Ltd. BH.............................. 18,095
----------
404,451
----------
TECHNOLOGY -- 12.7%
1,845 Amdocs Ltd. BH.................................... 49,277
522 Analog Devices, Inc. ............................. 17,805
2,571 Citizens Communications Co. ...................... 32,785
692 DaVita, Inc. BH................................... 27,872
975 EchoStar Communications Corp. Class A............. 28,212
473 Electronic Arts, Inc. B........................... 25,259
165 International Rectifier Corp. BH.................. 7,002
1,968 Jabil Circuit, Inc. BH............................ 54,317
893 Network Appliance, Inc. BH........................ 23,773
582 Polycom, Inc. B................................... 8,881
455 Rockwell Collins, Inc. ........................... 20,857
</Table>
The accompanying notes are an integral part of these financial statements.
130
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
1,213 SanDisk Corp. B................................... $ 28,753
40 Symbol Technologies, Inc. ........................ 532
----------
325,325
----------
TRANSPORTATION -- 0.3%
40 Expeditors International of Washington, Inc. ..... 1,959
122 Polaris Industries, Inc. ......................... 7,017
----------
8,976
----------
UTILITIES -- 3.0%
803 Cinergy Corp. .................................... 31,806
679 Energy East Corp. ................................ 17,673
734 Wisconsin Energy Corp. ........................... 25,874
----------
75,353
----------
Total common stock
(cost $2,114,647)............................... $2,412,544
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 12.1%
FINANCE -- 5.3%
$ 22,089 CS First Boston Joint Repurchase Agreement, 2.97%,
5-2-2005........................................ $ 22,089
3,732 Deutsche Bank Securities Joint Repurchase
Agreement, 2.90%, 5-2-2005...................... 3,732
37,293 Deutsche Bank Securities Joint Repurchase
Agreement, 2.97%, 5-2-2005...................... 37,293
25,531 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 25,531
8,606 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 8,606
38,440 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 38,440
----------
135,691
----------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 6.8%
$172,425 Navigator Prime Portfolio......................... $ 172,425
----------
Total short-term investments
(cost $308,116)................................. $ 308,116
----------
Total investments in securities
(cost $2,422,763) O............................. $2,720,660
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 4.40% of total net assets at April 30, 2005.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $2,427,487 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $367,377
Unrealized depreciation........................ (74,204)
--------
Net unrealized appreciation.................... $293,173
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
131
THE HARTFORD MIDCAP VALUE FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 99.1%
BASIC MATERIALS -- 12.1%
114 Arch Coal, Inc. H................................. $ 5,055
235 Cooper Tire & Rubber Co. ......................... 4,094
188 Engelhard Corp. .................................. 5,765
343 Grupo IMSA S.A. de C.V. .......................... 766
244 Huntsman Corp. B.................................. 5,123
141 Inco Ltd. B....................................... 5,036
131 Michelin (C.G.D.E.) Class B....................... 7,946
121 Mosaic Co. B...................................... 1,560
402 Pactiv Corp. B.................................... 8,612
303 Sappi Ltd. ADR.................................... 3,027
349 Smurfit-Stone Container Corp. B................... 4,577
--------
51,561
--------
CAPITAL GOODS -- 8.3%
57 FMC Technologies, Inc. B.......................... 1,726
188 Goodrich Corp. ................................... 7,568
115 IHC Caland N.V. .................................. 7,507
193 Pall Corp. ....................................... 5,184
83 Parker-Hannifin Corp. ............................ 4,957
217 Teradyne, Inc. B.................................. 2,390
208 Yankee Candle Co., Inc. B......................... 5,772
--------
35,104
--------
CONSUMER CYCLICAL -- 14.0%
191 American Axle & Manufacturing Holdings, Inc. ..... 3,808
77 BorgWarner, Inc. ................................. 3,539
212 CBRL Group, Inc. ................................. 8,172
419 Foot Locker, Inc. ................................ 11,165
128 Newell Rubbermaid, Inc. .......................... 2,779
304 Office Depot, Inc. B.............................. 5,948
226 Rinker Group Ltd. ................................ 2,016
196 Ross Stores, Inc. ................................ 5,240
204 Ruby Tuesday, Inc. ............................... 4,592
118 TRW Automotive Holdings Corp. B................... 2,098
65 TRW Automotive, Inc. BM........................... 1,158
128 United Stationers, Inc. B......................... 5,395
64 V.F. Corp. ....................................... 3,644
--------
59,554
--------
CONSUMER STAPLES -- 2.9%
130 Bunge Ltd. ....................................... 7,401
38 Ralcorp Holdings, Inc. B.......................... 1,502
115 Smithfield Foods, Inc. B.......................... 3,465
--------
12,368
--------
ENERGY -- 4.0%
44 EOG Resources, Inc. .............................. 2,111
67 Newfield Exploration Co. B........................ 4,773
72 Noble Energy, Inc. H.............................. 4,617
71 UGI Corp. ........................................ 3,546
59 XTO Energy, Inc. ................................. 1,773
--------
16,820
--------
FINANCE -- 21.8%
65 Affiliated Managers Group, Inc. B................. 4,039
152 AMBAC Financial Group, Inc. ...................... 10,134
370 Apollo Investment Corp. .......................... 5,873
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
FINANCE -- (CONTINUED)
138 CB Richard Ellis Group, Inc. Class A B............ $ 4,792
225 CIT Group, Inc. .................................. 9,079
38 City National Corp. .............................. 2,651
49 Everest Re Group Ltd. ............................ 4,052
89 IndyMac Bancorp, Inc. ............................ 3,440
89 Platinum Underwriters Holdings Ltd. .............. 2,640
122 Radian Group, Inc. ............................... 5,407
240 Reinsurance Group of America...................... 10,745
122 RenaissanceRe Holdings Ltd. ADR................... 5,453
175 Rent-A-Center, Inc. B............................. 4,205
131 UnionBanCal Corp. ................................ 8,052
176 United Rentals, Inc. B............................ 3,229
269 UnumProvident Corp. H............................. 4,493
102 Webster Financial Corp. .......................... 4,650
--------
92,934
--------
HEALTH CARE -- 6.9%
166 Barr Pharmaceuticals, Inc. B...................... 8,604
13 Biovail Corp. B................................... 183
79 Coventry Health Care, Inc. B...................... 5,399
360 Endo Pharmaceuticals HoldingsInc. B............... 7,148
45 Health Net, Inc. B................................ 1,538
34 Henry Schein, Inc. B.............................. 1,283
146 Impax Laboratories, Inc. B........................ 2,371
153 Theravance, Inc. B................................ 2,713
--------
29,239
--------
SERVICES -- 6.1%
153 Bally Total Fitness Holding Corp. B............... 485
396 BearingPoint, Inc. B.............................. 2,452
242 Dex Media, Inc. .................................. 5,291
205 Donnelley (R.R.) & Sons Co. ...................... 6,760
1,213 UnitedGlobalCom, Inc. Class A B................... 10,853
--------
25,841
--------
TECHNOLOGY -- 16.5%
324 Arrow Electronics, Inc. B......................... 7,874
23 Bio-Rad Laboratories, Inc. Class A B.............. 1,126
447 Cinram International, Inc. ....................... 9,293
135 Citizens Communications Co. ...................... 1,723
637 Fairchild Semiconductor International, Inc. B..... 8,565
112 Freescale Semiconductor, Inc. Class A B........... 2,097
689 GrafTech International Ltd. B .................... 2,626
329 Lam Research Corp. B.............................. 8,449
64 QLogic Corp. B.................................... 2,123
163 Scientific-Atlanta, Inc. ......................... 4,969
182 Seagate Technology B.............................. 3,205
125 Tektronix, Inc. .................................. 2,705
174 Varian Semiconductor Equipment Associates, Inc.
B............................................... 6,485
486 Vishay Intertechnology, Inc. B.................... 5,197
63 Whirlpool Corp. .................................. 3,928
--------
70,365
--------
TRANSPORTATION -- 2.3%
65 Continental Airlines, Inc. Class B BH............. 773
59 ExpressJet Holdings, Inc. B....................... 525
</Table>
The accompanying notes are an integral part of these financial statements.
132
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 99.1% -- (CONTINUED)
TRANSPORTATION -- (CONTINUED)
194 Trinity Industries, Inc. H........................ $ 4,518
84 Yellow Roadway Corp. BH........................... 4,092
--------
9,908
--------
UTILITIES -- 4.2%
110 Edison International.............................. 4,008
175 PPL Corp. ........................................ 9,517
25 Wisconsin Energy Corp. ........................... 4,397
--------
17,922
--------
Total common stock
(cost $394,550)................................. $421,616
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 5.3%
FINANCE -- 1.1 %
$ 786 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 786
133 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 133
1,327 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 1,327
908 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 908
306 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 306
1,367 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 1,367
--------
4,827
--------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 4.2%
17,820 BNY Institutional Cash Reserve Fund............... 17,820
--------
Total short-term investments
(cost $22,647).................................. $ 22,647
--------
Total investments in securities
(cost $417,197)O................................ $444,263
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 8.41% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value
by, or under the direction of, the Funds' Board of Directors at April 30,
2005, was $17,469, which represents 4.11% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $417,777 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 54,994
Unrealized depreciation........................ (28,508)
--------
Net unrealized appreciation.................... $ 26,486
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $1,158, which represents 0.27%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
133
THE HARTFORD MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MATURITY MARKET
AMOUNT YIELD DATE VALUE U
- --------- ----- ---------- --------
CONSUMER CYCLICAL -- 2.7%
$7,000 Caterpillar Financial Services Corp. X............ 2.86% 06/01/2005 $ 7,001
--------
CONSUMER STAPLES -- 4.2%
5,500 Cargill, Inc. .................................... 2.90% 07/18/2005 5,466
5,500 Sara Lee Corp. ................................... 2.93% 05/09/2005 5,496
--------
Total consumer staples............................ 10,962
--------
FINANCE -- 91.4%
3,500 Alliance & Leicester.............................. 2.85% 07/06/2005 3,482
3,500 Alliance & Leicester.............................. 3.18% 09/08/2005 3,461
3,500 American General Finance Corp. ................... 2.95% 05/25/2005 3,493
3,500 American General Finance Corp. ................... 3.03% 06/06/2005 3,490
7,000 American Honda Finance Corp. MX................... 2.77% 08/04/2005 7,000
3,500 Amsterdam Funding Corp. .......................... 2.94% 05/17/2005 3,496
3,500 Anz Delaware, Inc. ............................... 2.83% 05/18/2005 3,495
3,500 Anz Delaware, Inc. ............................... 3.16% 07/21/2005 3,476
7,000 Bank of America Corp. X........................... 2.90% 08/26/2005 7,007
7,000 Bank One Corp. ................................... 3.19% 08/01/2005 7,077
3,500 Barton Capital Corp. ............................. 2.86% 05/06/2005 3,500
7,200 Bear Stearns Companies, Inc. X.................... 2.98% 06/20/2005 7,202
1,500 Bear Stearns Companies, Inc....................... 3.18% 07/15/2005 1,509
3,500 Britannia Building Society........................ 2.95% 06/07/2005 3,490
3,100 Britannia Building Society........................ 2.92% 05/11/2005 3,098
3,500 Cafco LLC......................................... 3.04% 06/14/2005 3,487
3,500 Cafco LLC......................................... 3.02% 06/13/2005 3,487
7,000 Citigroup Global Markets Holdings, Inc. X......... 3.12% 07/25/2005 7,002
4,400 FHLB.............................................. 1.57% 05/04/2005 4,400
7,000 General Electric Co. X............................ 3.13% 10/24/2005 7,003
7,000 Goldman Sachs Group, Inc. MX...................... 3.17% 07/29/2005 7,000
3,500 Greenwich Capital Holdings, Inc. X................ 2.86% 10/17/2005 3,500
3,500 Greenwich Capital Holdings, Inc. ................. 2.87% 05/24/2005 3,494
3,500 HBOS Treasury Services plc........................ 2.94% 06/10/2005 3,489
3,500 HBOS Treasury Services plc........................ 3.17% 08/01/2005 3,472
4,865 Household Finance Corp. .......................... 2.89% 05/09/2005 4,870
3,500 HSBC Finance Corp. ............................... 3.06% 06/28/2005 3,483
6,000 KFW International Finance, Inc. M................. 2.54% 05/04/2005 5,999
3,500 Lehman Brothers, Inc. X........................... 2.96% 05/16/2005 3,500
3,400 Merrill Lynch & Co., Inc. X....................... 2.98% 09/21/2005 3,404
3,000 Merrill Lynch & Co., Inc. X....................... 3.10% 07/11/2005 3,001
7,000 Morgan Stanley Dean Witter, Inc. ................. 2.79% 06/15/2005 7,043
</Table>
<Table>
<Caption>
PRINCIPAL MATURITY MARKET
AMOUNT YIELD DATE VALUE U
- --------- ----- ---------- --------
FINANCE -- (CONTINUED)
$7,000 Nationwide Building Society, Inc. MX.............. 3.13% 07/22/2005 $ 7,001
3,500 Nordea North America, Inc. ....................... 3.13% 08/09/2005 3,470
3,500 Nordea North American, Inc. ...................... 2.83% 05/16/2005 3,496
3,500 Northern Rock plc. ............................... 2.87% 05/23/2005 3,494
3,500 Old Line Funding LLC.............................. 2.99% 05/24/2005 3,493
3,500 Old Line Funding LLC.............................. 2.96% 05/23/2005 3,494
3,500 Preferred Receivables Funding Corp. .............. 2.98% 05/19/2005 3,495
3,500 Preferred Receivables Funding Corp. M............. 2.99% 05/02/2005 3,500
3,500 Sheffield Receivables Corp. ...................... 2.93% 05/12/2005 3,497
3,500 Sheffield Receivables Corp. ...................... 2.83% 05/02/2005 3,499
7,000 SLM Corp. X....................................... 2.95% 08/15/2005 7,002
3,500 Spintab AB........................................ 3.21% 08/11/2005 3,469
3,500 Stadshypotek Delaware, Inc. ...................... 3.06% 06/29/2005 3,483
3,500 Stadshypotek Delaware, Inc. ...................... 3.03% 06/20/2005 3,485
2,232 State Street Corp. ............................... 2.98% 05/02/2005 2,232
3,500 Toyota Motor Credit Corp. ........................ 3.17% 09/01/2005 3,463
5,500 Toyota Motor Credit Corp. X....................... 2.98% 06/22/2005 5,500
7,000 Triple A One Funding Corp. ....................... 2.88% 05/16/2005 6,992
7,000 Wachovia Corp. ................................... 3.35% 08/18/2005 7,087
3,500 Washington Mutual Bank FA......................... 3.00% 06/30/2005 3,500
7,000 Wells Fargo & Co. X............................... 2.96% 06/17/2005 7,000
3,500 Yorktown Capital LLC.............................. 2.98% 05/20/2005 3,495
--------
Total finance..................................... $237,057
--------
TECHNOLOGY -- 1.3%
3,500 Oracle Corp. ..................................... 3.07% 06/07/2005 $ 3,489
--------
Total investments in securities
(cost $258,509) O............................... $258,509
========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 2.70% of total net assets at April 30, 2005.
O Also represents cost for federal tax purposes.
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
M Securities issued within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $30,500, which represents
11.76% of total net assets.
X Variable rate securities; the yield reported is the rate in effect at
April 30, 2005.
</Table>
The accompanying notes are an integral part of these financial statements.
134
THE HARTFORD SELECT MIDCAP GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
COMMON STOCK -- 94.5%
BASIC MATERIALS -- 4.3%
2 Airgas, Inc. ..................................... $ 52
1 Alliant Techsystems, Inc. B....................... 75
@@ Alpha Natural Resources, Inc. B................... 5
2 Cameco Corp. ..................................... 88
1 Carlisle Companies, Inc. ......................... 38
1 Fortune Brands, Inc. ............................. 63
1 Jarden Corp. B.................................... 51
2 MSC Industrial Direct Co., Inc. .................. 67
1 Precision Castparts Corp. ........................ 57
1 Select Comfort Corp. B............................ 32
-------
528
-------
CAPITAL GOODS -- 3.3%
1 American Standard Companies, Inc. ................ 30
1 Baker Hughes, Inc. ............................... 60
2 Donaldson Co., Inc. .............................. 64
1 Graco, Inc. ...................................... 41
2 National Oilwell Varco, Inc. B.................... 61
1 Pitney Bowes, Inc. ............................... 58
3 Tessera Technologies, Inc. B...................... 67
1 York International Corp. ......................... 25
-------
406
-------
CONSUMER CYCLICAL -- 10.1%
1 Abercrombie & Fitch Co. Class A................... 59
3 American Tower Corp. Class A B.................... 54
5 Bed Bath & Beyond, Inc. B......................... 185
2 CarMax, Inc. B.................................... 44
3 CDW Corp. ........................................ 140
3 Chico's FAS, Inc. B............................... 75
2 Coach, Inc. B..................................... 52
2 Grainger (W.W.), Inc. ............................ 83
2 Liz Claiborne, Inc. .............................. 64
1 Outback Steakhouse, Inc. B........................ 53
1 P. F. Chang's China Bistro, Inc. B................ 67
5 PETCO Animal Supplies, Inc. B..................... 152
1 Polo Ralph Lauren Corp. .......................... 22
2 Tiffany & Co. .................................... 70
1 Urban Outfitters, Inc. B.......................... 31
3 Williams-Sonoma, Inc. B........................... 84
-------
1,235
-------
CONSUMER STAPLES -- 0.6%
2 Estee Lauder Companies, Inc. Class A.............. 69
-------
ENERGY -- 3.0%
1 BJ Services Co. .................................. 28
1 Chesapeake Energy Corp. .......................... 27
1 ENSCO International, Inc. ........................ 37
@@ Newfield Exploration Co. B........................ 22
1 Smith International, Inc. ........................ 79
2 Weatherford International Ltd. B.................. 82
3 XTO Energy, Inc. ................................. 95
-------
370
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
FINANCE -- 9.5%
1 AMBAC Financial Group, Inc. ...................... $ 55
3 American Capital Strategies Ltd. ................. 96
7 Ameritrade Holding Corp. B........................ 78
4 CapitalSource, Inc. B............................. 89
3 Commerce Bancorp, Inc. ........................... 71
6 E*Trade Financial Corp. B......................... 67
2 Eaton Vance Corp. ................................ 53
2 First Marblehead Corp. B.......................... 74
3 Host Marriott Corp. .............................. 47
2 Investors Financial Services Corp. ............... 72
2 iShares Russell Midcap Growth..................... 139
1 Legg Mason, Inc. ................................. 37
@@ M&T Bank Corp. ................................... 51
2 Nuveen Investments Class A........................ 52
1 St. Joe Co. (The)................................. 40
1 Wellpoint, Inc. B................................. 74
2 Willis Group Holdings Ltd. ....................... 60
-------
1,155
-------
HEALTH CARE -- 16.2%
1 Affymetrix, Inc. B................................ 61
1 Allergan, Inc. ................................... 37
2 Amylin Pharmaceuticals, Inc. B.................... 40
2 Andrx Corp. B..................................... 39
1 Bard (C.R.), Inc. ................................ 56
3 Biomet, Inc. ..................................... 134
5 Caremark Rx, Inc. B............................... 210
1 Celgene Corp. B................................... 45
3 Charles River Laboratories International, Inc. B.. 156
2 Community Health Care............................. 64
2 Covance, Inc. B................................... 82
2 Eyetech Pharmaceuticals, Inc. B................... 38
2 Genzyme Corp. B................................... 120
2 Henry Schein, Inc. B.............................. 81
5 Impax Laboratories, Inc. B........................ 86
1 Invitrogen Corp. B................................ 88
2 Kinetic Concepts, Inc. B.......................... 92
2 Laboratory Corp. of America Holdings B............ 85
2 MGI Pharma, Inc. B................................ 39
3 Omnicare, Inc. ................................... 91
1 OSI Pharmaceuticals, Inc. B....................... 45
@@ Quest Diagnostics, Inc. .......................... 44
1 Sepracor, Inc. B.................................. 42
2 St. Jude Medical, Inc. B.......................... 63
3 Varian Medical Systems, Inc. ..................... 102
1 Wellchoice, Inc. ................................. 40
-------
1,980
-------
SERVICES -- 18.6%
2 Affiliated Computer Services, Inc. Class A B...... 75
1 Alliance Data Systems Corp. B..................... 33
1 Applebee's International, Inc. ................... 24
3 ARAMARK Corp. Class B............................. 75
1 Autodesk, Inc. ................................... 29
1 Avid Technology, Inc. B........................... 32
1 C.H. Robinson Worldwide, Inc. .................... 40
1 Cablevision Systems Corp. Class A B............... 39
</Table>
The accompanying notes are an integral part of these financial statements.
135
THE HARTFORD SELECT MIDCAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
COMMON STOCK -- (CONTINUED)
SERVICES -- (CONTINUED)
1 CheckFree Corp. B................................. $ 37
3 Citadel Broadcasting Corp. B...................... 40
1 Cognizant Technology Solutions Corp. B............ 47
1 Corporate Executive Board Co. .................... 67
1 Dun & Bradstreet Corp. B.......................... 67
8 Entravision Communications Corp. Class A B........ 62
4 Fiserv, Inc. B.................................... 161
3 GTECH Holdings Corp. ............................. 79
1 H & R Block, Inc. ................................ 70
2 Harrah's Entertainment, Inc. ..................... 116
5 Hilton Hotels Corp. .............................. 108
3 Iron Mountain, Inc. B............................. 75
1 ITT Educational Services, Inc. B.................. 45
11 La Quinta Corp. B................................. 94
5 Lamar Advertising Co. B........................... 182
2 Liberty Media International, Inc. Class A B....... 77
1 Marriott International, Inc. Class A.............. 41
3 MoneyGram International, Inc. .................... 56
1 Moody's Corp. .................................... 43
2 Robert Half International, Inc. .................. 61
2 Scripps (E.W.) Co. Class A........................ 89
1 Station Casinos, Inc. ............................ 72
2 Stericycle, Inc. B................................ 85
3 Synopsys, Inc. B.................................. 56
2 Univision Communications, Inc. Class A B.......... 53
1 Wynn Resorts Ltd. B............................... 39
-------
2,269
-------
TECHNOLOGY -- 26.3%
1 Adobe Systems, Inc. .............................. 48
3 ADTRAN, Inc. ..................................... 59
7 Akamai Technologies, Inc. B....................... 81
1 Altera Corp. B.................................... 21
4 Amphenol Corp. Class A............................ 140
1 Apple Computer, Inc. B............................ 43
2 Ask Jeeves, Inc. B................................ 56
2 ATI Technologies, Inc. ADR B...................... 35
3 Avocent Corp. B................................... 65
2 Beckman Coulter, Inc. ............................ 158
1 ChoicePoint, Inc. B............................... 40
1 Citrix Systems, Inc. B............................ 24
6 CNET Networks, Inc. B............................. 63
2 Cognos, Inc. B.................................... 77
2 Comverse Technology, Inc. B....................... 48
4 Crown Castle International Corp. B................ 64
2 DaVita, Inc. B.................................... 80
1 Dolby Laboratories, Inc. Class A B................ 30
1 EchoStar Communications Corp. Class A............. 36
1 Fisher Scientific International, Inc. B........... 78
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- -------
TECHNOLOGY -- (CONTINUED)
2 FLIR Systems, Inc. B.............................. $ 65
2 Global Payments, Inc. ............................ 102
1 Harman International Industries, Inc. ............ 71
1 International Rectifier Corp. B................... 61
2 Intuit, Inc. B.................................... 66
5 Jabil Circuit, Inc. B............................. 143
6 Juniper Networks, Inc. B.......................... 141
4 KLA-Tencor Corp. B................................ 138
1 L-3 Communications Holdings, Inc. ................ 71
1 Lam Research Corp. B.............................. 31
1 Lexmark International, Inc. ADR B................. 86
4 Linear Technology Corp. .......................... 132
@@ Macromedia, Inc. B................................ 19
2 Marvell Technology Group Ltd. B................... 81
2 MEMC Electronic Materials, Inc. B................. 18
1 Mercury Interactive Corp. B....................... 53
5 Microchip Technology, Inc. ....................... 140
1 Millipore Corp. B................................. 40
2 National Semiconductor Corp. ..................... 38
1 NAVTEQ Corp. B.................................... 23
1 Network Appliance, Inc. B......................... 17
6 Nextel Partners, Inc. Class A B................... 142
2 QLogic Corp. B.................................... 66
3 Salesforce.com, Inc. B............................ 48
2 SanDisk Corp. B................................... 41
3 Siebel Systems, Inc. B............................ 29
1 VeriSign, Inc. B.................................. 34
1 VERITAS Software Corp. B.......................... 18
1 Zebra Technologies Corp. Class A B................ 43
-------
3,203
-------
TRANSPORTATION -- 2.6%
2 Gentex Corp. ..................................... 79
7 Southwest Airlines Co. ........................... 108
1 UTI Worldwide, Inc. .............................. 65
3 Werner Enterprises, Inc. ......................... 63
-------
315
-------
Total common stock
(cost $12,071).................................. $11,530
-------
SHORT-TERM INVESTMENTS -- 4.6%
FINANCE -- 4.6%
569 State Street Bank Money Market Variable Rate
TimeDeposit, Current rate -- 1.88%X............. $ 569
-------
Total short-term investments
(cost $569)..................................... $ 569
-------
Total investments in securities
(cost $12,640) O................................ $12,099
=======
</Table>
The accompanying notes are an integral part of these financial statements.
136
- --------------------------------------------------------------------------------
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 3.33% of total net assets at April 30, 2005.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax purposes
is $12,640 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................... $ 199
Unrealized depreciation........................... (740)
-----
Net unrealized depreciation....................... $(541)
=====
</Table>
<Table>
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
K Variable rate securities; the rate reported is the coupon rate in effect
at April 30, 2005.
@@ Due to the presentation of the financial statements in thousands, the
number of shares and/or dollars rounds to zero.
</Table>
The accompanying notes are an integral part of these financial statements.
137
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 41.6%
FINANCE -- 41.6%
$ 1,500 Aegis Asset Backed Securities Trust,
3.50%, 3-25-2035 X ............................. $ 1,502
500 American Express Credit Account Master Trust,
1.90%, 1-15-2009................................ 489
720 American Express Credit Account Master Trust,
3.45%, 2-15-2012 (n)X .......................... 721
500 AmeriCredit Automobile Receivables Trust,
3.61%, 5-6-2011................................. 493
600 AmeriCredit Automobile Receivables Trust,
5.04%, 5-6-2011................................. 603
400 AmeriCredit Automobile Receivables Trust,
5.07%, 7-6-2010................................. 402
204 AQ Finance CEB Trust,
8.02%, 8-25-2033 (n)X .......................... 202
652 Argent NIM Trust,
4.21%, 11-25-2034 (n) .......................... 651
79 Asset Backed Funding Corp. NIM Trust,
4.55%, 12-26-2033 (n) .......................... 79
2,229 Banc of America Commercial Mortgage, Inc.,
3.46%, 7-10-2042................................ 2,204
33,499 Banc of America Commercial Mortgage, Inc.,
4.08%, 12-10-2042 W ............................ 907
144,833 Banc of America Large Loan,
3.89%, 12-15-2016 (n)W ......................... 1,827
320 Bank One Issuance Trust,
4.54%, 9-15-2010................................ 321
978 Bayview Commercial Asset Trust,
4.02%, 1-25-2035 (n)X .......................... 988
26,206 Bear Stearns Commercial Mortgage Securities, Inc.,
4.12%, 11-11-2041 W ............................ 933
64,845 Bear Stearns Commercial Mortgage Securities, Inc.,
4.64%, 2-11-2041 W ............................. 993
1,000 BMW Vehicle Owner Trust,
3.52%, 10-25-2010............................... 988
750 Capital Auto Receivables Asset Trust,
2.84%, 9-15-2010................................ 729
2,000 Capital Auto Receivables Asset Trust,
3.12%, 3-15-2007................................ 1,987
400 Capital One Master Trust,
7.90%, 10-15-2010 (n) .......................... 431
143 Chase Commercial Mortgage Securities Corp.,
6.90%, 11-19-2028............................... 146
283 Chase Funding Mortgage Loan Asset-Backed,
2.34%, 4-25-2024................................ 281
555 Chase Manhattan Auto Owner Trust,
2.78%, 6-15-2010................................ 547
500 Citibank Credit Card Issuance Trust,
3.76%, 2-9-2009 X .............................. 506
1,180 Citibank Credit Card Issuance Trust,
7.45%, 9-15-2007................................ 1,198
19,641 Citigroup Commercial Mortgage Trust,
4.10%, 10-15-2041 (n)W ......................... 933
510 CNH Equipment Trust,
3.35%, 2-15-2011................................ 504
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
FINANCE -- (CONTINUED)
$ 3,924 Commercial Mortgage Pass-Through Certificates,
3.59%, 3-10-2039 (n)W .......................... $ 157
23,647 CS First Boston Mortgage Securities Corp.,
4.15%, 11-15-2037 (n)W ......................... 935
14,906 CS First Boston Mortgage Securities Corp.,
4.17%, 7-15-2036 (n)W .......................... 438
200 CS First Boston Mortgage Securities Corp.,
4.37%, 11-18-2012 (n)X ......................... 202
1,500 Daimler Chrysler Auto Trust,
2.85%, 8-8-2010................................. 1,440
2,000 Discover Card Master Trust I,
5.75%, 12-15-2008............................... 2,044
155 DLJ Mortgage Acceptance Corp.,
7.50%, 12-17-2027 (n) .......................... 155
300 Equity One ABS, Inc.,
5.52%, 7-25-2034................................ 303
1,170 Ford Credit Auto Owner Trust,
4.19%, 7-15-2009................................ 1,165
400 Ford Credit Auto Owner Trust,
4.29%, 11-15-2007............................... 402
175 Ford Credit Auto Owner Trust,
4.81%, 3-15-2007................................ 176
10,248 GE Capital Commercial Mortgage Corp.,
3.76%, 3-10-2040 (n)W .......................... 285
445 GE Commercial Equipment Financing LLC,
3.65%, 5-22-2014 (n) ........................... 441
803 GMAC Commercial Mortgage Securities, Inc.,
3.12%, 3-10-2038................................ 785
22,200 Goldman Sachs Mortgage Securities Corp. II,
4.38%, 8-10-2038 W ............................. 350
500 Granite Mortgages plc,
4.60%, 1-20-2043 X ............................. 508
834 Green Tree Financial Corp.,
6.27%, 6-1-2030................................. 847
29 Green Tree Financial Corp.,
7.30%, 1-15-2026................................ 30
1,055 Harley Davidson Motorcycle Trust,
2.96%, 2-15-2012................................ 1,042
611 Home Equity Asset Trust,
5.25%, 4-27-2034 (n) ........................... 611
750 Hyundai Auto Receivables Trust,
4.10%, 8-15-2011................................ 743
297 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
2.92%, 1-12-2038................................ 292
39,041 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.07%, 1-15-2042 W ............................. 867
16,841 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.65%, 10-15-2037 (n)W ......................... 468
41,624 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.82%, 8-12-2037 W ............................. 251
6,510 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
5.50%, 1-15-2038 (n)W .......................... 283
1,844 LB-UBS Commercial Mortgage Trust
3.625%, 10-15-2029.............................. 1,819
</Table>
The accompanying notes are an integral part of these financial statements.
138
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 63 LB-UBS Commercial Mortgage Trust,
3.17%, 12-15-2026............................... $ 62
357 LB-UBS Commercial Mortgage Trust,
3.34%, 9-15-2027................................ 349
2,762 LB-UBS Commercial Mortgage Trust,
3.69%, 12-15-2036 (n)W ......................... 131
837 Long Beach Asset Holdings Corp.,
4.12%, 2-25-2035 (n) ........................... 837
1,000 MBNA Credit Card Master Note Trust,
4.95%, 6-15-2009................................ 1,019
854 MBNA Credit Card Master Note Trust,
6.55%, 12-15-2008............................... 880
1,348 Merrill Lynch Mortgage Trust,
3.46%, 8-12-2039................................ 1,327
20,853 Merrill Lynch Mortgage Trust,
3.81%, 8-12-2039 (n)W .......................... 883
21,194 Merrill Lynch Mortgage Trust,
3.96%, 9-12-2041 (n)W .......................... 909
30,548 Merrill Lynch Mortgage Trust,
4.67%, 9-12-2042 W ............................. 498
294 Morgan Stanley Capital I,
2.80%, 12-15-2041............................... 288
500 Morgan Stanley Capital I,
3.96%, 6-15-2040................................ 495
1,759 Morgan Stanley Capital I,
4.03%, 6-15-2038................................ 1,746
43 Morgan Stanley Dean Witter Capital I,
4.59%, 4-15-2034................................ 44
362 Morgan Stanley Dean Witter Capital I,
5.38%, 1-15-2039................................ 374
67 Nationslink Funding Corp.,
6.00%, 8-20-2030................................ 68
312 Navistar Financial Corp. Owner Trust,
3.08%, 11-15-2009............................... 306
693 Novastar Nim Trust,
3.97%, 3-25-2035 (n) ........................... 692
750 Providian Gateway Master Trust,
3.95%, 9-15-2011 (n) ........................... 743
1,000 Providian Gateway Master Trust,
4.05%, 11-15-2011 M ........................... 993
30 Residential Asset Mortgage Products, Inc.,
3.05%, 3-25-2025................................ 30
1,000 Residential Asset Mortgage Products, Inc.,
3.68%, 8-25-2026................................ 993
31 Residential Asset Mortgage Products, Inc.,
6.14%, 6-25-2032................................ 30
136 Residential Asset Securities Corp.,
7.51%, 10-25-2030............................... 138
214 Saxon Asset Securities Trust,
2.92%, 6-25-2033................................ 214
111 Soundview Home Equity Loan Trust, Inc.,
8.64%, 5-25-2030................................ 113
1,000 Structured Asset Investment Loan Trust,
4.77%, 11-25-2033 X ............................ 1,008
1,000 USAA Auto Owner Trust,
2.04%, 2-16-2010................................ 980
487 Wachovia Bank Commercial Mortgage Trust,
3.48%, 8-15-2041................................ 479
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
FINANCE -- (CONTINUED)
$ 6,690 Wachovia Bank Commercial Mortgage Trust,
3.65%, 2-15-2041 (n)W .......................... $ 272
71 Wachovia Bank Commercial Mortgage Trust,
4.54%, 4-15-2034................................ 71
562 WFS Financial Owner Trust,
2.48%, 12-20-2010............................... 557
369 WFS Financial Owner Trust,
2.73%, 5-20-2011................................ 365
154 WFS Financial Owner Trust,
3.05%, 12-20-2010............................... 152
308 Whole Auto Loan Trust,
2.24%, 3-15-2010................................ 303
31 Whole Auto Loan Trust,
3.13%, 3-15-2010................................ 31
1,000 Whole Auto Loan Trust,
3.37%, 3-15-2011................................ 993
400 World Financial Network Credit Card Master, 5.91%,
8-15-2011 X .................................... 421
468 World Omni Auto Receivables Trust, 3.62%,
7-12-2011....................................... 465
--------
Total asset backed and commercial
mortgage securities
(cost $59,337).................................. $ 58,863
--------
CORPORATE BONDS: INVESTMENT GRADE -- 36.4%
BASIC MATERIALS -- 2.5%
300 BOC Group, Inc.,
7.45%, 6-15-2006 M ............................ 311
250 Carlisle Companies, Inc.,
6.70%, 5-15-2008................................ 264
200 Dow Chemical Co.,
7.00%, 8-15-2005................................ 202
125 ICI North America,
8.875%, 11-15-2006.............................. 133
160 International Flavors & Fragrances, Inc., 6.45%,
5-15-2006....................................... 164
200 International Paper Co.,
3.80%, 4-1-2008................................. 196
120 Lafarge North America, Inc.,
6.375%, 7-15-2005............................... 121
100 Pactiv Corp.,
8.00%, 4-15-2007................................ 106
380 Placer Dome, Inc.,
7.125%, 6-15-2007............................... 401
370 Potash Corp. of Saskatchewan, Inc.,
7.125%, 6-15-2007............................... 390
300 Westvaco Corp.,
8.40%, 6-1-2007................................. 323
830 Worthington Industries, Inc.,
7.125%, 5-15-2006............................... 855
--------
3,466
--------
CAPITAL GOODS -- 2.5%
782 General Dynamics Corp.,
2.125%, 5-15-2006............................... 770
450 Ingersoll-Rand Co. Ltd.,
6.25%, 5-15-2006................................ 460
750 McDonnell Douglas Corp.,
6.875%, 11-1-2006............................... 779
</Table>
The accompanying notes are an integral part of these financial statements.
139
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
CAPITAL GOODS -- (CONTINUED)
$ 100 Rockwell International Corp.,
6.625%, 6-1-2005................................ $ 100
300 Textron, Inc.,
6.625%, 11-15-2007.............................. 315
600 Tyco International Group S.A.,
6.375%, 2-15-2006............................... 611
450 United Technologies Corp.,
7.00%, 9-15-2006................................ 468
--------
3,503
--------
CONSUMER CYCLICAL -- 4.1%
250 American Stores Co.,
7.40%, 5-15-2005................................ 250
500 Centex Corp.,
4.75%, 1-15-2008................................ 501
700 Darden Restaurants, Inc.,
5.75%, 3-15-2007................................ 721
500 Jones Apparel Group, Inc.,
7.875%, 6-15-2006............................... 516
250 Kroger Co.,
7.625%, 9-15-2006............................... 261
460 Kroger Co.,
7.80%, 8-15-2007................................ 492
150 Kroger Co.,
8.15%, 7-15-2006................................ 157
470 Masco Corp.,
6.75%, 3-15-2006................................ 481
200 May Department Stores Co.,
6.875%, 11-1-2005............................... 203
385 Mohawk Industries, Inc.,
6.50%, 4-15-2007................................ 402
150 Newell Rubbermaid, Inc.,
6.00%, 3-15-2007................................ 155
250 Nine West Group, Inc.,
8.375%, 8-15-2005............................... 253
300 PHH Corp.,
6.00%, 3-1-2008................................. 310
320 Pulte Homes, Inc.,
7.30%, 10-24-2005............................... 325
700 Rubbermaid, Inc.,
6.60%, 11-15-2006............................... 725
--------
5,752
--------
CONSUMER STAPLES -- 1.5%
300 Cadbury Schweppes Finance plc,
5.00%, 6-26-2007................................ 305
675 Cargill, Inc.,
6.25%, 5-1-2006 (n) ............................ 690
90 ConAgra Foods, Inc.,
9.875%, 11-15-2005.............................. 93
400 General Mills, Inc.,
2.625%, 10-24-2006.............................. 392
240 General Mills, Inc.,
6.45%, 10-15-2006............................... 248
350 Kellogg Co.,
6.00%, 4-1-2006................................. 357
--------
2,085
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ENERGY -- 1.4%
$ 265 Anadarko Petroleum Corp.,
7.00%, 10-15-2006............................... $ 276
600 Consolidated Natural Gas Co., 5.375%, 11-1-2006... 611
350 Louis Dreyfus Natural Gas Corp.,
6.875%, 12-1-2007............................... 371
150 Ocean Energy, Inc.,
7.625%, 7-1-2005................................ 151
300 Union Oil Co. of California,
9.125%, 2-15-2006............................... 312
300 Union Pacific Resources Group, Inc.,
6.50%, 5-15-2005................................ 300
--------
2,021
--------
FINANCE -- 12.6%
750 Ace Ina Holdings, Inc.,
8.30%, 8-15-2006................................ 786
451 Aetna, Inc.,
7.375%, 3-1-2006................................ 463
354 American General Finance Corp.,
5.875%, 7-14-2006............................... 362
500 American General Finance Corp.,
5.91%, 6-12-2006................................ 510
400 American Honda Finance Corp.,
2.875%, 4-3-2006 (n) ........................... 396
1,000 Amvescap plc,
5.90%, 1-15-2007................................ 1,030
400 Avalon Properties, Inc.,
6.875%, 12-15-2007.............................. 423
100 Banca Commerciale Italiana,
8.25%, 7-15-2007................................ 108
150 Banesto Finance Ltd.,
7.50%, 3-25-2007................................ 159
389 Bankers Trust Corp.,
7.125%, 3-15-2006............................... 399
500 Capital One Financial Corp.,
8.75%, 2-1-2007................................. 536
50 CIGNA Corp.,
8.25%, 1-1-2007................................. 53
1,000 Countrywide Home Loans, Inc.,
5.50%, 8-1-2006................................. 1,018
220 Credit Suisse First Boston NY,
6.50%, 5-1-2008 (n) ............................ 233
1,000 Credit Suisse First Boston USA, Inc.,
5.875%, 8-1-2006................................ 1,024
300 Equifax, Inc.,
4.95%, 11-1-2007................................ 306
200 Equitable Life Assurance Society,
6.95%, 12-1-2005 (n) ........................... 204
500 ERAC USA Finance Co.,
6.95%, 1-15-2006 (n) ........................... 509
200 Evans Withycombe Residential, Inc.,
7.625%, 4-15-2007............................... 211
500 Ford Motor Credit Co.,
6.875%, 2-1-2006................................ 506
500 General Motors Acceptance Corp.,
4.50%, 7-15-2006................................ 489
150 General Motors Acceptance Corp.,
6.125%, 2-1-2007................................ 147
</Table>
The accompanying notes are an integral part of these financial statements.
140
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 650 Household Finance Corp.,
5.75%, 1-30-2007................................ $ 668
450 Household Finance Corp.,
7.65%, 5-15-2007................................ 478
100 International Lease Finance Corp.,
5.95%, 6-6-2005................................. 100
400 J.P. Morgan Chase & Co.,
5.625%, 8-15-2006............................... 408
450 J.P. Morgan Chase & Co.,
7.25%, 6-1-2007................................. 477
700 Key Bank N.A., Inc.,
7.125%, 8-15-2006............................... 727
250 Key Bank NA,
5.00%, 7-17-2007................................ 255
120 Lincoln National Corp.,
5.25%, 6-15-2007................................ 123
393 MBNA America Bank N.A.,
6.50%, 6-20-2006................................ 404
148 MBNA America Bank N.A.,
6.75%, 3-15-2008 (n) ........................... 157
150 Merrill Lynch & Co., Inc.,
8.00%, 6-1-2007................................. 162
300 Merry Land & Investment Co., Inc.,
7.25%, 6-15-2005................................ 301
1,000 Morgan Stanley Dean Witter, Inc.,
6.10%, 4-15-2006................................ 1,020
605 PNC Funding Corp.,
5.75%, 8-1-2006................................. 618
1,000 Prudential Insurance Co. of America,
6.375%, 7-23-2006 (n) .......................... 1,031
350 Simon Property Group L.P.,
7.125%, 9-20-2007............................... 370
600 Wellpoint Health Networks, Inc.,
6.375%, 6-15-2006............................... 615
--------
17,786
--------
HEALTH CARE -- 0.2%
300 Quest Diagnostics, Inc.,
6.75%, 7-12-2006................................ 309
--------
SERVICES -- 3.9%
500 Aramark Services, Inc.,
7.00%, 7-15-2006................................ 515
370 ARAMARK Services, Inc.,
8.15%, 5-1-2005................................. 370
550 Belo Corp.,
7.125%, 6-1-2007................................ 575
389 Comcast Cable Communications, Inc.,
6.375%, 1-30-2006............................... 396
300 Fiserv, Inc.,
3.00%, 6-27-2008................................ 287
450 Harrah's Operating Co., Inc.,
7.125%, 6-1-2007................................ 472
355 Hyatt Equities LLC,
6.875%, 6-15-2007 (n) .......................... 367
250 Marriott International, Inc.,
6.875%, 11-15-2005.............................. 254
200 Marriott International, Inc.,
7.00%, 1-15-2008................................ 213
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SERVICES -- (CONTINUED)
$ 300 News America, Inc.,
6.625%, 1-9-2008................................ $ 316
200 Scholastic Corp.,
5.75%, 1-15-2007................................ 204
200 TCI Communications, Inc.,
6.875%, 2-15-2006............................... 207
395 USA Networks, Inc.,
6.75%, 11-15-2005............................... 400
500 Walt Disney Co.,
6.75%, 3-30-2006................................ 513
435 WMX Technologies, Inc.,
7.00%, 10-15-2006............................... 452
--------
5,541
--------
TECHNOLOGY -- 3.9%
500 AT&T Wireless Services, Inc.,
7.50%, 5-1-2007................................. 531
550 British Telecommunications plc,
7.875%, 12-15-2005.............................. 564
450 Cingular Wireless LLC,
5.625%, 12-15-2006.............................. 459
290 Cox Communications, Inc.,
7.75%, 8-15-2006................................ 302
800 France Telecom S.A.,
7.45%, 3-1-2006................................. 823
825 Hewlett-Packard Co.,
5.75%, 12-15-2006............................... 847
300 Koninklijke Philips Electronics N.V.,
8.375%, 9-15-2006............................... 317
250 Puget Sound Energy, Inc.,
3.36%, 6-1-2008................................. 241
775 Time Warner Companies, Inc.,
8.11%, 8-15-2006................................ 812
600 Verizon Wireless Capital LLC,
5.375%, 12-15-2006.............................. 612
--------
5,508
--------
TRANSPORTATION -- 1.7%
325 CSX Corp.,
9.00%, 8-15-2006................................ 344
1,030 Norfolk Southern Corp.,
7.40%, 9-15-2006................................ 1,077
350 TTX Co.,
3.875%, 3-1-2008 (n) ........................... 343
440 Union Pacific Corp.,
6.70%, 12-1-2006................................ 457
200 Union Pacific Corp.,
7.60%, 5-1-2005................................. 200
--------
2,421
--------
UTILITIES -- 2.1%
340 Appalachian Power Co.,
4.80%, 6-15-2005................................ 341
145 Appalachian Power Co.,
6.80%, 3-1-2006................................. 148
35 Consumers Energy Co.,
6.25%, 9-15-2006................................ 36
250 FPL Group Capital, Inc.,
3.25%, 4-11-2006................................ 249
250 Georgia Power Co.,
6.20%, 2-1-2006................................. 254
</Table>
The accompanying notes are an integral part of these financial statements.
141
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 1,000 Niagara Mohawk Power Corp.,
7.75%, 5-15-2006................................ $ 1,041
140 Niagara Mohawk Power Corp.,
9.75%, 11-1-2005................................ 144
250 Northeast Utilities,
3.30%, 6-1-2008................................. 242
300 Southwestern Public Service Co.,
5.125%, 11-1-2006............................... 305
270 Texas Eastern Transmission L.P.,
5.25%, 7-15-2007................................ 275
--------
3,035
--------
Total corporate bonds: investment grade
(cost $51,866).................................. $ 51,427
--------
U.S. GOVERNMENT SECURITIES -- 14.0%
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.3%
400 Federal Home Loan Bank,
3.00%, 5-28-2008................................ $ 388
--------
U.S. TREASURY SECURITIES -- 13.7%
5,885 3.375% 2007 (R) .................................. $ 7,477
9,375 3.625% 2008 (R) .................................. 11,971
--------
19,448
--------
Total U.S. government securities
(cost $19,825).................................. $ 19,836
--------
U.S. GOVERNMENT AGENCIES -- 5.4%
FEDERAL HOME LOAN MORTGAGE
CORPORATION -- 0.8%
857 6.00% 2031-2032................................... $ 876
262 6.50% 2017........................................ 272
--------
1,148
--------
REMIC-PAC'S -- 1.3%
1,000 5.50% 2029........................................ 1,008
767 6.00% 2031........................................ 782
--------
1,790
--------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.5%
492 6.00% 2032-2033................................... 506
170 6.50% 2032........................................ 177
--------
683
--------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION -- 0.8%
979 6.00% 2033........................................ 1,012
119 7.00% 2032........................................ 127
--------
1,139
--------
REMIC-PAC'S -- 2.0%
2,774 6.00% 2030-2032................................... 2,836
--------
3,975
--------
Total U.S. government agencies
(cost $7,714)................................... $ 7,596
--------
Total long-term investments
(cost $138,742)................................. $137,722
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- 1.5%
FINANCE -- 1.5%
$ 722 BNP Paribas Repurchase Agreement,
2.83% 5-2-2005.................................. $ 722
666 RBS Greenwich Repurchase Agreement,
2.84%, 5-2-2005................................. 666
783 UBS Securities, LLC Repurchase Agreement, 2.84%,
5-2-2005........................................ 783
--------
Total short-term investments
(cost $2,171)................................... $ 2,171
--------
Total investments in securities
(cost $140,913) O .............................. $139,893
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 3.70% of total net assets at April 30, 2005.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $140,913 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 178
Unrealized depreciation......................... (1,198)
-------
Net unrealized depreciation..................... $(1,020)
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(n)Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $19,811, which represents 13.79%
of total net assets.
X Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
(R)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.
W The interest rates disclosed for interest only strips represent
effective yields based upon estimated future cash flows at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
142
THE HARTFORD SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 99.9%
BASIC MATERIALS -- 6.8%
261 Alkermes, Inc. BH ................................ $ 2,931
89 Arch Coal, Inc. .................................. 3,941
25 Carpenter Technology Corp. ....................... 1,399
72 Century Aluminum Co. BH .......................... 1,670
45 Cytec Industries, Inc. ........................... 2,076
42 Eagle Materials, Inc. ............................ 3,181
140 Hercules, Inc. BH ................................ 1,846
35 Jarden Corp. BH .................................. 1,568
--------
18,612
--------
CAPITAL GOODS -- 1.8%
105 Moog, Inc. Class A B ............................. 3,138
101 Tempur-Pedic International, Inc. BH .............. 1,926
--------
5,064
--------
CONSUMER CYCLICAL -- 19.7%
47 A.C. Moore Arts & Crafts, Inc. BH ................ 1,235
59 Advance Auto Parts, Inc. BH ...................... 3,126
416 American Tower Corp. Class A BH .................. 7,168
601 Corporacion GEO S.A. de C.V. B ................... 1,251
86 Electronics Boutique Holdings Corp. BH ........... 4,776
138 GameStop Corp. Class A BH ........................ 3,384
504 Geox S.p.A. (n) .................................. 4,401
182 Insight Enterprises, Inc. BH ..................... 3,296
70 Landry's Restaurants, Inc. ....................... 1,815
119 Men's Wearhouse, Inc. BH ......................... 4,918
80 PETCO Animal Supplies, Inc. B .................... 2,503
78 RARE Hospitality International, Inc. BH .......... 2,169
31 Standard-Pacific Corp. ........................... 2,223
115 Stewart and Stevenson Services, Inc. ............. 2,766
325 Stolt Offshore S.A. B(n) ......................... 2,393
86 Urban Outfitters, Inc. BH ........................ 3,809
61 Washington Group International, Inc. BH .......... 2,509
--------
53,742
--------
CONSUMER STAPLES -- 1.0%
108 Peet's Coffee & Tea, Inc. BH ..................... 2,727
--------
ENERGY -- 3.4%
84 Cabot Oil & Gas Corp. ............................ 2,461
75 Patina Oil & Gas Corp. ........................... 2,871
121 Range Resources Corp. ............................ 2,746
42 Whiting Petroleum Corp B ......................... 1,262
--------
9,340
--------
FINANCE -- 10.7%
39 Affiliated Managers Group, Inc. BH ............... 2,441
61 AMCORE Financial, Inc. ........................... 1,581
148 American Equity Investment Life Holding Co. ...... 1,763
80 Arch Capital Group Ltd. BH ....................... 3,210
80 CapitalSource, Inc. BH ........................... 1,688
148 CB Richard Ellis Group, Inc. Class A B ........... 5,151
48 IndyMac Bancorp, Inc. ............................ 1,829
72 Nuveen Investments Class A........................ 2,430
30 Oil Service HOLDRs Trust.......................... 2,704
110 optionsXpress Holdings, Inc. B ................... 1,432
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
FINANCE -- (CONTINUED)
61 Pirelli & C. Real Estate S.p.A. .................. $ 3,363
68 Signature Bank B ................................. 1,684
--------
29,276
--------
HEALTH CARE -- 14.2%
180 Abgenix, Inc. BH ................................. 1,256
49 Advanced Neuromodulation Systems, Inc. B ......... 1,481
116 Amylin Pharmaceuticals, Inc. BH .................. 1,978
113 AtheroGenics, Inc. BH ............................ 1,214
53 Covance, Inc. BH ................................. 2,411
77 Endo Pharmaceuticals Holdings, Inc. BH ........... 1,533
157 Human Genome Sciences, Inc. BH ................... 1,625
92 ICOS Corp. BH .................................... 2,074
144 Impax Laboratories, Inc. BH ...................... 2,340
117 Medicines Co. BH ................................. 2,504
101 NPS Pharmaceuticals, Inc. BH ..................... 1,223
55 OSI Pharmaceuticals, Inc. BH ..................... 2,580
63 Pharmaceutical Product Development, Inc. BH ...... 2,859
34 Respironics, Inc. B .............................. 2,117
512 Rite Aid Corp. H ................................. 1,858
114 Salix Pharmaceuticals Ltd. BH .................... 1,628
48 Schwarz Pharma AG................................. 2,171
155 Symbion, Inc. H .................................. 3,296
53 Triad Hospitals, Inc. BH ......................... 2,701
--------
38,849
--------
SERVICES -- 16.4%
94 Advisory Board Co. BH ............................ 3,827
789 APN News & Media Ltd. H .......................... 2,964
46 Central European Media Enterprises Ltd. B ........ 2,097
57 Corporate Executive Board Co. .................... 3,751
171 DiamondCluster International, Inc. BH ............ 2,134
60 Education Management Corp. BH .................... 1,685
200 Exelixis, Inc. BH ................................ 1,371
40 Jacobs Engineering Group, Inc. B ................. 1,924
547 La Quinta Corp. BH ............................... 4,759
71 Lamar Advertising Co. BH ......................... 2,638
74 Monster Worldwide, Inc. BH ....................... 1,708
144 Navigant Consulting, Inc. BH ..................... 3,381
53 Red Robin Gourmet Burgers, Inc. BH ............... 2,550
96 Stericycle, Inc. B ............................... 4,677
35 Strayer Education, Inc. .......................... 3,705
51 Universal Technical Institute, Inc. B ............ 1,777
--------
44,948
--------
TECHNOLOGY -- 22.1%
162 Aeroflex, Inc. B ................................. 1,287
157 AudioCodes Ltd. BH ............................... 1,524
502 Crown Castle International Corp. BH .............. 8,094
37 Emageon, Inc. BH ................................. 577
234 Evergreen Solar, Inc. H .......................... 1,280
86 F5 Networks, Inc. BH ............................. 3,665
150 FuelCell Energy, Inc. BH ......................... 1,197
49 Hologic, Inc. BH ................................. 1,730
303 MEMC Electronic Materials, Inc. B ................ 3,551
132 Microsemi Corp. B ................................ 2,233
59 NAVTEQ Corp. BH .................................. 2,152
</Table>
The accompanying notes are an integral part of these financial statements.
143
THE HARTFORD SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
330 Opsware, Inc. BH ................................. $ 1,578
188 Red Hat, Inc. BH ................................. 2,022
221 Salesforce.com, Inc. BH .......................... 3,203
96 Semtech Corp. BH ................................. 1,623
69 SpectraSite, Inc. B .............................. 3,883
236 Take-Two Interactive Software, Inc. BH ........... 5,548
1,498 Techtronic Industries Co. Ltd. ................... 3,332
205 THQ, Inc. BH ..................................... 5,157
313 UbiquiTel, Inc. BH ............................... 2,265
115 Verifone Holdings, Inc. B ........................ 1,233
107 Verint Systems, Inc. B ........................... 3,414
--------
60,548
--------
TRANSPORTATION -- 2.2%
62 Forward Air Corp. B .............................. 1,488
107 GOL Linhas Aereas Inteligentes S.A. ADR H ........ 3,027
29 Yellow Roadway Corp. BH .......................... 1,433
--------
5,948
--------
UTILITIES -- 1.6%
287 ERG S.p.A. ....................................... 4,389
--------
Total common stock
(cost $247,415)................................. $273,443
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 26.8%
FINANCE -- 0.7%
$ 314 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 314
53 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 53
529 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 05-2-2005................................ 529
362 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 362
122 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 122
545 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 545
--------
1,925
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 26.1%
$71,330 Navigator Prime Portfolio......................... $ 71,330
--------
Total short-term investments
(cost $73,255).................................. $ 73,255
--------
Total investments in securities
(cost $320,670) O .............................. $346,698
========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 11.29% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $23,013, which represents 8.41% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax purposes
is $321,349 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................ $ 38,077
Unrealized depreciation........................ (12,728)
--------
Net unrealized appreciation.................... $ 25,349
========
</Table>
<Table>
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
M Securities issued within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $6,794, which represents 2.48%
of total net assets.
H Security is fully or partially on loan at April 30, 2005.
</Table>
The accompanying notes are an integral part of these financial statements.
144
THE HARTFORD SMALLCAP GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005(UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 98.9%
BASIC MATERIALS -- 6.0%
127 Alkermes, Inc. B.................................. $ 1,429
63 Cabot Microelectronics Corp. BH................... 1,808
33 Carpenter Technology Corp. ....................... 1,825
36 Century Aluminum Co. B............................ 829
11 Eagle Materials, Inc. ............................ 790
32 Ferro Corp. ...................................... 580
34 Glatfelter........................................ 406
85 Longview Fibre Co. ............................... 1,563
33 Mueller Industries, Inc. ......................... 855
24 Texas Industries, Inc. ........................... 1,104
103 Titan International, Inc. H....................... 1,398
34 USG Corp. BH...................................... 1,411
70 Wausau-Mosinee Paper Corp. ....................... 933
--------
14,931
--------
CAPITAL GOODS -- 2.9%
27 Albany International Corp. Class A................ 840
25 Briggs & Stratton Corp. .......................... 803
35 CyberOptics Corp. B............................... 427
49 Engineered Support Systems, Inc. ................. 1,724
67 Graco, Inc. ...................................... 2,256
30 Toro Co. ......................................... 1,240
--------
7,290
--------
CONSUMER CYCLICAL -- 11.6%
38 Aeropostale, Inc. B............................... 1,070
29 CEC Entertainment, Inc. B......................... 1,053
50 CKE Restaurants, Inc. B........................... 735
16 Click Commerce, Inc. B............................ 149
11 ESCO Technologies, Inc. B......................... 814
144 Genesco, Inc. B................................... 3,692
34 IKON Office Solutions, Inc. ...................... 297
59 JAKKS Pacific, Inc. B............................. 1,101
33 Kenneth Cole Productions, Inc. Class A............ 995
21 K-Swiss, Inc. Class A............................. 624
40 Noble International Ltd. ......................... 817
66 Pacific Sunwear of California, Inc. B............. 1,497
23 Panera Bread Co. Class A B........................ 1,131
37 PETCO Animal Supplies, Inc. B..................... 1,149
14 PolyMedica Corp. ................................. 446
114 Skechers U.S.A., Inc. Class A B................... 1,392
80 Standard-Pacific Corp. ........................... 5,693
63 Stewart and Stevenson Services, Inc. ............. 1,502
40 Timberland Co. Class A B.......................... 2,769
19 Watsco, Inc. ..................................... 811
47 WCI Communities, Inc. B........................... 1,320
--------
29,057
--------
ENERGY -- 4.0%
25 Cabot Oil & Gas Corp. ............................ 746
17 Cheniere Energy, Inc. B........................... 471
70 Chesapeake Energy Corp. .......................... 1,341
15 Cimarex Energy Co. BH............................. 526
50 Frontier Oil Corp. ............................... 2,091
51 Giant Industries, Inc. B.......................... 1,342
17 Houston Exploration Co. B......................... 881
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
ENERGY -- (CONTINUED)
110 PetroQuest Energy, Inc. B......................... $ 675
25 St. Mary Land & Exploration Co. .................. 534
32 Swift Energy Co. B................................ 830
18 Tesoro Corp. B.................................... 679
--------
10,116
--------
FINANCE -- 11.4%
24 Aaron Rents, Inc. ................................ 523
50 Advanta Corp. Class B............................. 1,223
60 Affiliated Managers Group, Inc. B................. 3,770
97 American Capital Strategies Ltd. ................. 3,092
28 American Home Mortgage Investment Corp. .......... 919
15 AMERIGROUP Corp. B................................ 530
42 Arch Capital Group Ltd. B......................... 1,664
16 CB Richard Ellis Group, Inc. Class A B............ 570
39 CharterMac........................................ 805
49 Ditech Communications Corp. B..................... 548
49 Government Properties Trust, Inc. ................ 480
137 IndyMac Bancorp, Inc. ............................ 5,256
20 Irwin Financial Corp. ............................ 403
32 Movie Gallery, Inc. .............................. 857
9 Novastar Financial, Inc. H........................ 314
55 optionsXpress Holdings, Inc. B.................... 711
33 Platinum Underwriters Holdings Ltd. .............. 986
37 Rotech Healthcare, Inc. B......................... 919
216 Scottish Re Group Ltd. H.......................... 5,065
--------
28,635
--------
HEALTH CARE -- 18.3%
245 Abgenix, Inc. B................................... 1,706
38 Alliance Imaging, Inc. B.......................... 393
42 Amedisys, Inc. B.................................. 1,269
46 America Service Group, Inc. B..................... 1,045
18 American Healthways, Inc. B....................... 669
124 Amylin Pharmaceuticals, Inc. BH................... 2,106
224 Applera Corp. -- Celera Genomics Group B.......... 2,061
147 Ciphergen Biosystems, Inc. BH..................... 221
146 CV Therapeutics, Inc. BH.......................... 2,892
60 Diagnostic Products Corp. ........................ 2,920
268 Encysive Pharmaceuticals, Inc. B.................. 2,616
56 First Horizon Pharmaceutical Corp. B.............. 1,018
27 Genesis HealthCare Corp. B........................ 1,085
65 Haemonetics Corp. B............................... 2,789
66 Human Genome Sciences, Inc. B..................... 687
113 Incyte Corp. B.................................... 741
71 Kos Pharmaceuticals, Inc. B....................... 3,420
81 Kosan Biosciences, Inc. B......................... 435
37 Longs Drug Stores Corp. .......................... 1,334
32 Medical Action Industries, Inc. B................. 567
223 NPS Pharmaceuticals, Inc. BH...................... 2,707
106 Nu Skin Enterprises, Inc. Class A................. 2,336
66 Onyx Pharmaceuticals, Inc. B...................... 2,029
177 Regeneron Pharmaceutical, Inc. B.................. 981
18 Respironics, Inc. B............................... 1,137
115 Salix Pharmaceuticals Ltd. B...................... 1,640
17 Sierra Health Services, Inc. ..................... 1,074
61 STERIS Corp. B.................................... 1,454
</Table>
The accompanying notes are an integral part of these financial statements.
145
THE HARTFORD SMALLCAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005(UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- (CONTINUED)
HEALTH CARE -- (CONTINUED)
39 Symbion, Inc. B................................... $ 823
42 Symmetry Medical, Inc. B.......................... 726
23 VISX, Inc. B...................................... 555
13 Vital Signs, Inc. ................................ 530
--------
45,966
--------
SERVICES -- 17.2%
85 Acxiom Corp. ..................................... 1,605
35 Advo, Inc. ....................................... 1,007
105 Allscripts Healthcare Solutions, Inc. BH.......... 1,369
23 Ameristar Casinos, Inc. .......................... 1,149
112 Aspect Communications Corp. B..................... 950
208 BISYS Group, Inc. B............................... 2,929
11 CACI International, Inc. Class A B................ 677
64 Cerner Corp. BH................................... 3,693
38 Convergys Corp. B................................. 498
29 CPI Corp. ........................................ 468
153 Cumulus Media, Inc. Class A B..................... 1,982
478 Digital Generation Systems, Inc. B................ 540
100 Digital River, Inc. B............................. 2,668
70 Epicor Software Corp. B........................... 765
156 Exelixis, Inc. B.................................. 1,071
150 Gevity HR, Inc. .................................. 2,408
13 Global Imaging Systems, Inc. B.................... 454
48 Heidrick & Struggles International, Inc. B........ 1,231
82 Imergent, Inc. BH................................. 883
47 ITT Educational Services, Inc. B.................. 2,138
43 Journal Register Co. B............................ 679
72 Lin TV Corp. Class A B............................ 1,118
15 MAXIMUS, Inc. .................................... 457
19 MTS Systems Corp. ................................ 550
233 Per-Se Technologies, Inc. B....................... 3,628
52 Playboy Enterprises Class B B..................... 622
125 Quest Software, Inc. B............................ 1,479
54 Regent Communications, Inc. B..................... 288
165 UnitedGlobalCom, Inc. Class A B................... 1,474
73 Vail Resorts, Inc. B.............................. 1,881
91 Watson Wyatt & Co. Holdings, Inc. ................ 2,389
--------
43,050
--------
TECHNOLOGY -- 24.7%
49 ADTRAN, Inc. ..................................... 1,016
24 Benchmark Electronics, Inc. B..................... 638
38 Blackboard, Inc. BH............................... 693
36 Comtech Telecommunications Corp. B................ 1,274
159 Corillian Corp. B................................. 487
62 Cree, Inc. BH..................................... 1,509
149 CSG Systems International, Inc. B................. 2,554
22 CTS Corp. ........................................ 234
64 Diodes, Inc. B.................................... 1,877
59 Electronics for Imaging, Inc. B................... 969
125 Fairchild Semiconductor International, Inc. B..... 1,679
162 Gemstar-TV Guide International, Inc. B............ 623
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
TECHNOLOGY -- (CONTINUED)
162 General Communication, Inc. Class A B............. $ 1,364
74 Hutchinson Technology, Inc. B..................... 2,734
128 Hyperion Solutions Corp. B........................ 5,222
86 Intervoice, Inc. B................................ 923
34 j2 Global Communications, Inc. BH................. 1,204
47 Jupitermedia Corp. B.............................. 596
83 Komag, Inc. B..................................... 1,952
54 Kronos, Inc. B.................................... 2,109
20 Lowrance Electronics, Inc. ....................... 467
132 MEMC Electronic Materials, Inc. B................. 1,552
58 Methode Electronics, Inc. ........................ 649
55 Micrel, Inc. B.................................... 521
16 MicroStrategy, Inc. B............................. 679
133 OmniVision Technologies, Inc. BH.................. 1,863
385 ON Semiconductor Corp. B.......................... 1,323
87 Perot Systems Corp. Class A B..................... 1,094
252 Premiere Global Services, Inc. ................... 2,719
31 QAD, Inc. ........................................ 255
95 Radyne Comstream, Inc. BH......................... 727
124 Serena Software, Inc. B........................... 2,364
24 Siliconix, Inc. B................................. 788
24 Sybase, Inc. B.................................... 462
37 Take-Two Interactive Software, Inc. B............. 868
6 TALX Corp. ....................................... 136
22 Tektronix, Inc. .................................. 468
119 THQ, Inc. B....................................... 3,006
55 Transaction Systems Architects, Inc. B............ 1,136
319 Trizetto Group, Inc. B............................ 3,318
88 UbiquiTel, Inc. B................................. 638
70 United Industrial Corp. .......................... 1,954
219 United Online, Inc. B............................. 1,927
125 UTStarcom, Inc. BH................................ 1,189
70 WebEx Communications, Inc. B...................... 1,523
12 Websense, Inc. B.................................. 637
--------
61,920
--------
TRANSPORTATION -- 2.2%
85 Arkansas Best Corp. .............................. 2,668
36 General Maritime Corp. B.......................... 1,567
65 Werner Enterprises, Inc. ......................... 1,211
--------
5,446
--------
UTILITIES -- 0.6%
134 Sierra Pacific Resources BH....................... 1,451
--------
Total common stock
(cost $243,819)................................. $247,862
--------
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 11.2%
FINANCE -- 2.1%
$ 5,214 UBS Securities, LLC Joint Repurchase Agreement,
2.84%, 5-2-2005................................. $ 5,214
</Table>
The accompanying notes are an integral part of these financial statements.
146
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- (CONTINUED)
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 9.1%
22,847 BNY Institutional Cash Reserve Fund............... $ 22,847
--------
Total short-term investments
(cost $28,061).................................. $ 28,061
--------
Total investments in securities
(cost $271,880) O............................... $275,923
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 0.63% of total net assets at April 30, 2005.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $272,855 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 21,899
Unrealized depreciation........................ (18,831)
--------
Net unrealized appreciation.................... $ 3,068
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 31, 2005.
The accompanying notes are an integral part of these financial statements.
147
THE HARTFORD STOCK FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
COMMON STOCK -- 97.8%
BASIC MATERIALS -- 5.0%
317 3M Co. ........................................... $ 24,256
90 Air Products and Chemicals, Inc. ................. 5,280
645 Alcoa, Inc. ...................................... 18,712
406 DuPont (E.I.) de Nemours & Co. ................... 19,127
182 Rio Tinto plc..................................... 5,493
----------
72,868
----------
CAPITAL GOODS -- 6.6%
50 Boeing Co. ....................................... 2,982
170 Deere & Co. ...................................... 10,601
291 Illinois Tool Works, Inc. ........................ 24,383
262 International Game Technology..................... 7,051
290 Northrop Grumman Corp. ........................... 15,909
346 United Technologies Corp. ........................ 35,236
----------
96,162
----------
CONSUMER CYCLICAL -- 8.5%
315 Caterpillar, Inc. ................................ 27,701
432 Costco Wholesale Corp. ........................... 17,514
780 Gap, Inc. ........................................ 16,653
783 Home Depot, Inc. ................................. 27,709
235 NIKE, Inc. Class B H ............................. 18,012
190 Target Corp. ..................................... 8,811
149 Wal-Mart Stores, Inc. ............................ 7,010
----------
123,410
----------
CONSUMER STAPLES -- 9.6%
184 Anheuser-Busch Companies, Inc. ................... 8,638
687 Coca-Cola Co. .................................... 29,861
229 Colgate-Palmolive Co. ............................ 11,377
389 General Mills, Inc. .............................. 19,236
539 PepsiCo, Inc. .................................... 29,990
727 Procter & Gamble Co. ............................. 39,378
----------
138,480
----------
ENERGY -- 10.7%
280 BHP Billiton Ltd. ADR H .......................... 7,081
498 ChevronTexaco Corp. .............................. 25,903
111 ConocoPhillips.................................... 11,680
65 Devon Energy Corp. ............................... 2,931
995 Exxon Mobil Corp. ................................ 56,768
84 GlobalSantaFe Corp. .............................. 2,812
84 Occidental Petroleum Corp. ....................... 5,762
425 Schlumberger Ltd. ................................ 29,081
110 Total S.A. ADR H ................................. 12,211
----------
154,229
----------
FINANCE -- 16.4%
902 American International Group, Inc. ............... 45,849
700 Bank of America Corp. ............................ 31,528
1,252 Citigroup, Inc. .................................. 58,794
91 Credit Suisse Group ADR........................... 3,816
312 Federal National Mortgage Association............. 16,838
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- ----------
FINANCE -- (CONTINUED)
138 General Growth Properties, Inc. .................. $ 5,390
652 Marsh & McLennan Companies, Inc. ................. 18,287
403 Morgan Stanley.................................... 21,201
246 St. Paul Travelers Companies, Inc. H ............. 8,821
481 State Street Corp. ............................... 22,255
28 Wellpoint, Inc. B ................................ 3,628
----------
236,407
----------
HEALTH CARE -- 15.3%
469 Abbott Laboratories............................... 23,036
581 Amgen, Inc. B .................................... 33,791
84 AstraZeneca plc ADR............................... 3,687
115 Forest Laboratories, Inc. B ...................... 4,089
267 Genzyme Corp. B .................................. 15,666
150 Gilead Sciences, Inc. B .......................... 5,546
541 Lilly (Eli) & Co. ................................ 31,650
632 Medtronic, Inc. .................................. 33,301
1,792 Pfizer, Inc. ..................................... 48,695
66 Sanofi-Aventis S.A. ADR. H ....................... 2,928
250 Schering-Plough Corp. ............................ 5,213
300 Wyeth............................................. 13,460
----------
221,062
----------
SERVICES -- 3.8%
738 Accenture Ltd. Class A. B ........................ 16,008
35 FedEx Corp. ...................................... 2,948
115 Gannett Co., Inc. ................................ 8,847
51 Starwood Hotels & Resorts Worldwide, Inc. ........ 2,782
111 Tribune Co. H .................................... 4,273
408 Viacom, Inc. Class B.............................. 14,125
215 Walt Disney Co. .................................. 5,673
----------
54,656
----------
TECHNOLOGY -- 21.7%
485 Applied Materials, Inc. B ........................ 7,215
349 Broadcom Corp. Class A. B ........................ 10,427
2,048 Cisco Systems, Inc. B ............................ 35,395
57 Electronic Arts, Inc. B .......................... 3,054
650 EMC Corp. B ...................................... 8,527
528 First Data Corp. ................................. 20,065
1,667 General Electric Co. ............................. 60,334
766 Intel Corp. ...................................... 18,026
356 Lockheed Martin Corp. ............................ 21,722
2,990 Microsoft Corp. .................................. 75,637
1,094 Motorola, Inc. ................................... 16,783
2,075 Time Warner, Inc. B .............................. 34,877
----------
312,062
----------
UTILITIES -- 0.2%
63 Exelon Corp. ..................................... 3,094
----------
Total common stock
(cost $1,386,822)............................... $1,412,430
----------
</Table>
The accompanying notes are an integral part of these financial statements.
148
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- ----------
SHORT-TERM INVESTMENTS -- 5.9%
FINANCE -- 2.8%
$ 6,508 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 6,508
1,099 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 1,099
10,988 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 10,988
7,522 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 7,522
2,536 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 2,536
11,326 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 11,326
----------
39,979
----------
SECURITIES PURCHASED WITH PROCEEDS -- 3.1%
44,896 BNY Institutional Cash Reserve Fund............... 44,896
----------
Total short-term investments
(cost $84,875).................................. $ 84,875
----------
Total investments in securities
(cost $1,471,697) O ............................ $1,497,305
==========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 2.44% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $5,493, which represents 0.38% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax purposes
is $1,489,254 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation....................... $ 114,297
Unrealized depreciation....................... (106,246)
---------
Net unrealized appreciation................... $ 8,051
=========
</Table>
<Table>
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
</Table>
The accompanying notes are an integral part of these financial statements.
149
THE HARTFORD TAX-FREE CALIFORNIA FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- 99.2%
GENERAL OBLIGATIONS -- 17.9%
$ 100 Azusa, CA,
5.75%, Special Tax Comm Fac Dist #1 Mountain
Cove GO 9-1-2021................................ $ 103
50 Beaumont, CA,
7.25%, FA Rev GO 9-1-2020....................... 53
500 California Infrastructure & Econ Dev,
5.00%, Bay Area Toll Brdgs 1st Lien GO FSA
7-1-2022........................................ 534
300 California Kindergarten University,
3.04%, 5-1-2034 X .............................. 300
400 Contra Costa County, CA, Pub FA Tax Alloc Rev,
5.625%, Multiple Proj Areas GO 8-1-2033......... 419
200 Elk Grove, CA,
5.85%, Special Tax East Franklin Community #02-1
GO 8-1-2036..................................... 202
57 Indio, CA,
6.35%, Public Improvement Act 1915 Special
Assessment #2002-3 GO 9-2-2027.................. 59
300 Oceanside, CA,
5.70%, Comm Dev GO 9-1-2025..................... 318
100 Perris, CA,
6.25%, Public FA Local Agency Rev GO 9-1-2033... 103
250 Puerto Rico Commonwealth,
5.00%, Ref GO 7-1-2030.......................... 270
300 Puerto Rico Commonwealth,
5.25%, Public Impt GO 7-1-2019.................. 328
425 Solano, CA,
5.25%, GO MBIA 11-1-2021........................ 462
110 University Virgin Islands,
5.00%, GO 12-1-2021............................. 114
-------
3,265
-------
HEALTH CARE/SERVICES -- 8.4%
200 ABAG FA for Non-Profit Corp California,
5.375%, San Diego Hosp Assoc 3-1-2021........... 210
250 California Health Fac FA,
5.25%, Catholic Healthcare West 7-1-2023........ 263
200 California Public Works Board,
5.375%, Dept of Mental Health Patton 4-1-2028... 212
250 California State Comm Dev Auth,
6.00%, Health FacMemorial Health Services Rev
10-1-2023....................................... 279
250 California Statewide Community Development Auth.,
5.25%, Daughter of Charity Health-A 7-1-2030.... 260
300 California,
5.00%, Public Works Board Department of Health
Services-Richmond Lab-B 11-1-2030............... 312
-------
1,536
-------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- 17.8%
$ 455 California EDL Facilities Authority Rev,
5.00%, 10-1-2025 I ............................. $ 463
630 California EDL Facilities Authority Rev,
5.00%, 4-1-2030................................. 646
500 California Educ FA,
5.25%, Santa Clara Univ Rev 9-1-2016............ 570
250 California State Comm Dev Auth,
6.75%, John F. Kennedy University Rev
10-1-2033....................................... 264
1,000 California State University Revenue,
5.00%, 11-1-2028................................ 1,061
250 Corona-Norco, CA,
5.625%, USD Special Tax Comm FacDist #02
9-1-2033........................................ 253
-------
3,257
-------
HOUSING (HFA'S, ETC.) -- 3.6%
650 California St Economic Recovery,
3.02%, 1-1-2012 X .............................. 650
-------
LAND DEVELOPMENT -- 8.7%
350 Burbank, CA,
5.50%, FA Rev South San Fernando Redev Proj B
12-1-2023....................................... 367
400 Fontana, CA,
5.50%, Redev Agency Tax Allocation Ref Jurupa
Hills Redev Proj 10-1-2027...................... 415
250 Oakland, CA,
5.25%, Redev Agency Colliseum Area Redev Tax
Allocation 9-1-2033............................. 258
200 San Diego, CA,
5.25%, Redev Agency Centre City Sub Pkg
9-1-2026........................................ 205
175 San Diego, CA,
5.30%, Redev Agency Tax Allocation North Park
Redev Proj 9-1-2016............................. 182
150 San Diego, CA,
5.60%, Redev Agency Tax Allocation North Bay
Redev Proj 9-1-2017............................. 157
-------
1,584
-------
MISCELLANEOUS -- 17.9%
200 California Kings River Conservation Dist,
5.00%, Rev Ref Partner Peaking Project
5-1-2013........................................ 215
400 Huntington Park, CA, Public FA,
5.25%, Rev Ref 9-1-2019......................... 448
135 Indio, CA,
5.00%, Public FA Rev Local Agency 9-2-2014...... 138
1,000 Kern County, CA,
6.00%, California Tobacco Securitization Agency
6-1-2029........................................ 1,014
100 Lake Elsinore, CA,
5.85%, Special Tax Impt Comm Fac Dist #2-A
9-1-2024........................................ 102
310 Long Beach, CA,
5.00%, Harbor Rev Ref 5-15-2015................. 332
</Table>
The accompanying notes are an integral part of these financial statements.
150
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- (CONTINUED)
MISCELLANEOUS -- (CONTINUED)
$ 750 San Francisco, CA,
2.94% Bay Area Toll Auth 4-1-2039 X ............ $ 750
250 Virgin Islands Public FA,
6.125%, Refinery Fac Rev Hovenska Refinery
7-1-2022........................................ 272
-------
3,271
-------
POLLUTION CONTROL -- 1.4%
250 California PCR,
3.50%, Pacific Gas & Elec 12-1-2023............. 250
-------
PUBLIC FACILITIES -- 9.8%
250 California Public Works Board,
5.00%, Dept of Corrections Ref 12-1-2018........ 270
100 Capistrano, CA,
5.875%, USD Comm Fac Dist Special Tax #90-2
Talega 9-1-2022................................. 105
100 Jurupa, CA,
5.875%, Comm Services Dist #6 Special Tax
9-1-2032........................................ 102
110 Moreno Valley, CA,
5.60%, USD Comm Fac Special Tax #2002-1
9-1-2017........................................ 114
100 Orange County, CA,
5.20%, Comm Fac Dist Special #02-1 Ladera Ranch
8-15-2019....................................... 103
200 Orange County, CA,
5.40%, Comm Fac Dist Special Tax #02-1 Ladera
Ranch 8-15-2022................................. 207
300 Sacramento, CA,
2.99%, 3-1-2031 K .............................. 300
250 Tustin, CA,
5.60%, USD Comm Fac Dist Special Tax #97 Jr Lien
9-1-2029........................................ 255
200 Val Verde, CA,
6.00%, USD FA Special Tax Rev Jr Lien
10-1-2021....................................... 208
125 William S. Hart USD,
5.85%, Special Tax Comm Fac Dist #2002-1
9-1-2022........................................ 128
-------
1,792
-------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
UTILITIES -- COMBINED -- 1.6%
$ 250 California State Water Dept,
5.875%, Res Power Supply Rev 5-1-2016........... $ 283
-------
UTILITIES -- GAS -- 1.8%
300 Chula Vista, CA,
5.30%, IDR Daily San Diego Gas 7-1-2021......... 321
-------
UTILITIES -- WATER AND SEWER -- 8.2%
500 Atwater, CA,
5.50%, Public FA Rev Sewer & Water Proj
5-1-2028........................................ 512
250 Big Bear Muni Water Dist, CA,
5.00%, 1991 Ref Lake Imports 11-1-2024.......... 252
100 Eastern California Municipal Water Dist,
5.70%, Comm Fac Special Tax Improvement Area A
#2001-02 9-1-2018............................... 102
250 Lathrop, CA,
6.00%, FA Rev Water Supply Proj 6-1-2035........ 256
150 Lee Lake, CA,
5.75%, Water Dist Comm Fac Dist #3 Special Tax
Retreat 9-1-2023................................ 152
200 Santa Margarita, CA,
6.00%, Water Dist Special Tax Comm Fac Dist
#99-1 9-1-2030.................................. 214
-------
1,488
-------
WASTE DISPOSAL -- 2.2%
375 Stockton, CA,
5.20%, Wastewater Sys Proj MBIA 9-1-2029........ 404
-------
Total municipal bonds
(cost $17,543).................................. $18,101
-------
SHORT-TERM INVESTMENTS -- 2.0%
FINANCE -- 2.0%
366 Dreyfus Basic California Municipal Money Market
Fund, Current rate - 2.31% K ................... $ 366
-------
Total short-term investments
(cost $366)..................................... $ 366
-------
Total investments in securities
(cost $17,909) O ............................... $18,467
=======
</Table>
The accompanying notes are an integral part of these financial statements.
151
THE HARTFORD TAX-FREE CALIFORNIA FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
<Table>
O At April 30, 2005, the cost of securities for federal income tax purposes
is $17,909 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................... $564
Unrealized depreciation........................... (6)
----
Net unrealized appreciation....................... $558
====
</Table>
<Table>
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
X Variable rate securities; the rate reported is the coupon rate in effect
at April 30, 2005.
I The cost of securities purchased on a when-issued basis at April 30,
2005, was $463.
</Table>
<Table>
AMT -- Alternative Minimum Tax
DA -- Development Authority
FA -- Finance Authority
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligations
IDA -- Industrial Development Authority Bond
IDR -- Industrial Development Revenue Bond
ISD -- Independent School District
MBIA -- Municipal Bond Insurance Association
PA -- Port Authority
PCR -- Pollution Control Revenue Bond
USD -- United School District
</Table>
The accompanying notes are an integral part of these financial statements.
152
THE HARTFORD TAX-FREE MINNESOTA FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005(UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- 93.3%
AIRPORT REVENUES -- 3.0%
$1,000 Minneapolis & St. Paul, MN,
5.625%, Metro Airport Commission FGIC AMT
1-1-2018........................................ $ 1,080
-------
GENERAL OBLIGATIONS -- 31.7%
1,000 Anoka-Hennepin, MN,
5.00%, ISD #11 GO Credit Enhancement Prog
2-1-2015........................................ 1,070
1,300 Becker, MN,
6.00%, ISD #726 GO FSA Insured 2-1-2017......... 1,455
500 Brainerd, MN,
5.375%, ISD #181 GO FGIC 2-1-2016............... 558
250 Minneapolis, MN,
5.00%, Parking Assess GO 12-1-2020.............. 269
1,000 Minnesota Higher Ed FA,
5.375%, GO Univ of St Thomas 4-1-2018........... 1,054
1,000 Minnesota Higher Ed FA,
5.40%, GO Univ of St Thomas 4-1-2023............ 1,040
1,000 Minnesota,
5.25%, GO 8-1-2016.............................. 1,086
785 Mounds View, MN,
5.25%, ISD #621 GO 2-1-2014..................... 862
1,000 Puerto Rico Commonwealth Public Fin Corp Approp,
5.75%, GO 8-1-2027.............................. 1,111
1,950 Rosemount, MN,
5.70%, ISD #196 GO MBIA 4-1-2015 Z.............. 1,307
80 University of MN,
3.07%, GO 7-1-2008 K............................ 80
1,000 University of MN,
5.75%, GO 7-1-2018.............................. 1,194
270 University Virgin Islands,
5.125%, GO 12-1-2022............................ 281
100 University Virgin Islands,
5.25%, GO 12-1-2023............................. 106
125 University Virgin Islands,
5.25%, GO 12-1-2024............................. 131
-------
11,604
-------
HEALTH CARE/SERVICES -- 12.9%
1,130 Duluth, MN,
5.50%, Econ DA Health Care Fac Rev Benedictine
Health Sys St Mary 2-15-2023.................... 1,207
250 Minneapolis, MN,
6.00%, Health Care System Allina Health
11-15-2018...................................... 282
1,000 Minnesota Agriculture and Economic Dev Healthcare
Fac,
5.25%, Benedictine Health 2-15-2014............. 1,086
725 Todd, Morrison, Cass, & Wadena County, MN,
5.25% United Hosp Lakewood Health Care Fac
12-1-2026....................................... 762
1,000 Waconia, MN,
6.10%, Health Care Fac Rev Ridgeview Med Ctr
Proj 1-1-2019................................... 1,112
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
HEALTH CARE/SERVICES -- (CONTINUED)
$ 250 Willmar, MN,
5.00%, Rice Memorial Hosp Proj FSA 2-1-2025..... $ 264
-------
4,713
-------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- 4.7%
350 Minnesota Higher Ed FA,
5.25%, College of St Benedict 3-1-2024.......... 368
500 Minnesota State Higher Education Facilities,
5.00%, Augsburg College 5-1-2005................ 519
500 Minnesota State Higher Education Facilities,
5.00%, Augsburg College 5-1-2020................ 524
320 University of MN,
3.07%, 1-1-2034 K............................... 320
-------
1,731
-------
HOUSING (HFA'S, ETC.) -- 12.5%
695 Minneapolis, MN,
6.00%, Redev Mtg Rev Riverplace Proj
1-1-2020........................................ 696
750 Minnesota Residential Housing Fin Agency,
2.90%, 5-18-2006 I ............................. 751
895 Minnesota Residential Housing Fin Agency,
5.00%, 1-1-2020................................. 914
750 Sartell, MN,
5.20%, Environmental Impact Rev Ref
6-1-2027........................................ 763
450 St Paul, MN,
6.25%, Housing Redev Hope Comm Academy Proj
12-1-2019....................................... 460
1,000 Washington County, MN,
4.60%, Housing and Redev Auth Governmental Rev
Ref Woodland Park Apartment Proj 4-1-2022....... 1,001
-------
4,585
-------
MISCELLANEOUS -- 9.7%
1,000 Golden Valley, MN,
5.875%, Breck School Proj Rev 10-1-2019......... 1,091
525 Puerto Rico Tobacco Settlement Children's Trust
Fund,
5.50%, 5-15-2039................................ 525
250 Ramsey, MN,
6.50%, Lease Rev Pact Charter School Proj
12-1-2022....................................... 255
500 St Paul, MN,
5.00%, PA Lease Rev 12-1-2019................... 535
300 St Paul, MN,
6.75%, Redev Auth Rev Ref Achieve Language
Academy 12-1-2022............................... 304
750 Virgin Islands Public FA,
6.125%, Refinery Fac Rev Hovenska Refinery
7-1-2022........................................ 817
-------
3,527
-------
</Table>
The accompanying notes are an integral part of these financial statements.
153
THE HARTFORD TAX-FREE MINNESOTA FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005(UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- (continued)
POLLUTION CONTROL -- 1.4%
$ 500 Cohasset, MN,
4.95%, PCR Ref Coll Allete Inc Proj
7-1-2022........................................ $ 509
-------
PUBLIC FACILITIES -- 2.3%
835 Minnesota Agricultural Society,
5.125%, State Fair Rev 9-15-2023................ 860
-------
TRANSPORTATION -- 5.2%
750 Duluth, MN,
4.20%, Seaway PA IDA Dock & Wharf Rev Ref
Cargill Inc Proj 5-1-2013....................... 767
1,000 Puerto Rico Commonwealth Highway & Transportation
Auth,
5.50%, Rev Ref FSA 7-1-2013..................... 1,149
-------
1,916
-------
UTILITIES -- COMBINED -- 0.8%
300 Princeton, MN,
5.00%, Public Utility Sys Rev 4-1-2024.......... 306
-------
UTILITIES -- ELECTRIC -- 4.4%
500 Chaska, MN,
5.00%, Electric Rev 10-1-2030................... 517
500 Minnesota Power Agency,
5.25%, Electric Rev 10-1-2019................... 550
500 Northern MN Municipal Power Agency,
5.30%, Electric Sys Rev FSA 1-1-2021............ 537
-------
1,604
-------
UTILITIES -- WATER AND SEWER -- 4.7%
500 Minneapolis, MN,
4.75%, Metro Council Water Treatment
12-1-2016....................................... 541
1,000 Puerto Rico Commonwealth Aqueduct & Sewer Auth
Rev,
6.25%, 7-1-2013................................. 1,180
-------
1,721
-------
Total municipal bonds
(cost $32,136).................................. $34,156
-------
SHORT-TERM INVESTMENTS -- 4.8%
FINANCE -- 4.8%
$1,741 State Street Bank Tax Free Money Market, Current
rate -- 2.24% K................................. $ 1,741
-------
Total short-term investments
(cost $1,741)................................... $ 1,741
-------
Total investments in securities
(cost $33,877) O................................ $35,897
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $33,877 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $2,035
Unrealized depreciation.......................... (15)
------
Net unrealized appreciation...................... $2,020
======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
I The cost of securities purchased on a when-issued basis at April 30,
2005 was $751.
K Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
Z The interest rate disclosed for these securities represents the
effective yield on the date of acquisition.
<Table>
AMT -- Alternative Minimum Tax
DA -- Development Authority
FA -- Finance Authority
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligations
IDA -- Industrial Development Authority Bond
IDR -- Industrial Development Revenue Bond
ISD -- Independent School District
MBIA -- Municipal Bond Insurance Association
PA -- Port Authority
PCR -- Pollution Control Revenue Bond
USD -- United School District
</Table>
The accompanying notes are an integral part of these financial statements.
154
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- 96.4%
ALABAMA -- 2.1%
$1,855 Huntsville, AL,
5.25%, GO 5-1-2022.............................. $ 2,033
-------
ARIZONA -- 6.2%
475 AZ Sundance Community Fac Dist,
7.125%, Special Assessment Rev 7-1-2027......... 492
1,800 Phoenix, AZ,
6.25%, GO 7-1-2017.............................. 2,226
1,000 Pima County, AZ,
5.60%, Noah Webster Basic School
12-15-2019...................................... 1,003
1,100 Pima County, AZ,
5.75%, Charter Schools Proj 7-1-2016............ 1,117
1,000 Pima County, AZ,
6.10%, Charter Schools Proj 7-1-2024............ 1,014
200 Vistancia, AZ,
6.75%, Community Fac Dist GO 7-15-2022.......... 215
-------
6,067
-------
CALIFORNIA -- 12.2%
500 California,
6.75%, GO 8-1-2011.............................. 590
1,000 California State Public Works Board,
5.25%, 6-1-2030................................. 1,055
80 California State Water Dept,
5.50%, Water Res Dev 12-1-2010.................. 90
750 California State Water Dept,
5.875%, Res Power Supply Rev 5-1-2016........... 848
250 Capistrano, CA,
5.875%, USD Comm Fac Dist Special Tax #90-2
Talega 9-1-2021................................. 262
250 Capistrano, CA,
5.90%, USD Comm Fac Dist Special Tax #90-2
Talega 9-1-2020................................. 263
95 Eastern California Municipal Water Dist,
5.70%, Comm Fac Special Tax Improvement Area A
#2001-02 9-1-2018............................... 97
625 Indio, CA,
5.625%, Public FA Rev Local Agency 9-2-2018..... 644
38 Indio, CA,
6.35%, Public Improvement Act 1915 Special
Assessment #2002-3 GO 9-2-2027.................. 39
400 Jurupa, CA,
5.875%, Comm Services Dist #6 Special Tax
9-1-2032........................................ 408
750 Lathrop, CA,
6.00%, FA Rev Water Supply Proj 6-1-2035........ 768
500 Moreno Valley, CA,
6.00%, USD Comm Fac Dist Special Tax #2002-1
9-1-2022........................................ 524
700 Oceanside, CA,
5.70%, Comm Dev GO 9-1-2025..................... 742
535 Palm Springs, CA,
5.50%, Comm Redev Agency 9-1-2023............... 565
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
CALIFORNIA -- (CONTINUED)
$ 495 Perris, CA,
6.25%, Public FA Local Agency Rev GO 9-1-2033... $ 511
1,000 Pomona, CA,
5.50%, Public FA Rev Sub-Merged Redev
2-1-2023........................................ 1,042
500 San Diego, CA,
5.25%, Redev Agency Centre City Sub Pkg
9-1-2026........................................ 513
1,000 San Francisco, CA,
2.89% Bay Area Toll Auth 4-1-2039 K............. 1,000
1,000 San Manuel Entertainment,
4.50%, 12-1-2016 M.............................. 1,002
800 Val Verde, CA,
6.00%, USD FA Special Tax Rev Jr Lien
10-1-2021....................................... 833
-------
11,796
-------
FLORIDA -- 5.3%
1,000 Bellalgo, FL,
5.85%, Educ Fac Benefits Dist FL Capital
Improvement Rev 5-1-2022........................ 1,032
1,000 Collier County, FL,
5.375%, School Board Cert of Participation FSA
2-15-2020....................................... 1,095
490 Florida Colonial Country Club Comm Dev Dist,
6.40%, Cap Imp Rev 5-1-2033 M................... 521
1,250 Florida Dept of Environmental Protection
Preservation, 5.375%, Rev MBIA 7-1-2015......... 1,399
325 Gateway Services,
5.50%, Comm Dev Dist of FL Special Assessment
Sun City Center Fort Meyers Proj 5-1-2010....... 332
750 Hollywood, FL,
5.125%, Comm Redev Agency 3-1-2014.............. 778
-------
5,157
-------
GEORGIA -- 5.5%
750 Augusta, GA,
5.15%, Airport Rev Passenger Fac Charge
1-1-2035........................................ 758
1,105 Fulton County, GA,
5.375%, School Dist GO 1-1-2018................. 1,274
35 Fulton County, GA,
6.375%, Water & Sewer Rev FGIC 1-1-2014......... 41
1,765 Fulton County, GA,
6.375%, Water & Sewer Rev FGIC Part Prerefunded
1-1-2014........................................ 2,070
960 Georgia Municipal Electric Auth,
6.50%, Power Rev 1-1-2017....................... 1,182
40 Georgia Municipal Electric Auth,
6.50%, Power Rev 1-1-2017....................... 48
-------
5,373
-------
ILLINOIS -- 6.0%
960 Chicago, IL,
5.25%, Board of Educ GO MBIA 12-1-2019.......... 1,042
</Table>
The accompanying notes are an integral part of these financial statements.
155
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- (CONTINUED)
ILLINOIS -- (CONTINUED)
$1,000 Chicago, IL,
6.75%, Tax Increment Allocation Jr Lien Pilsen
Redev 6-1-2022.................................. $ 1,045
500 Illinois Educ FA,
5.70%, Rev Ref Augustana College 10-1-2032...... 526
500 Plano, IL,
6.10%, Lakewood Springs Proj Special Services
Area 3-1-2035................................... 502
500 Round Lake, IL,
6.70%, Special Tax Rev 3-1-2033................. 535
1,000 Wauconda, IL,
6.625%, Special Service Area #1 Special Tax
Liberty Lakes Proj 3-1-2033..................... 1,021
1,000 Yorkville, IL,
6.875%, United City Special Svc Area Special Tax
#2003-100 Raintree Village Proj 3-1-2033........ 1,047
-------
5,718
-------
KENTUCKY -- 1.1%
1,000 Christian County, KY,
6.00%, Hosp Rev Ref Jennie Stuart Medical
7-1-2013........................................ 1,046
-------
LOUISIANA -- 0.5%
500 Louisiana Public FA Rev,
5.50%, Ochsner Clinic Foundation Proj
5-15-2027....................................... 524
-------
MARYLAND -- 1.1%
1,000 Maryland Economic Dev Corp,
6.50%, Student Housing Rev Univ of Maryland
College Park Proj 6-1-2027...................... 1,094
-------
MASSACHUSETTS -- 2.2%
1,000 Massachusetts State Health & Educ Facilities,
2.81%, 7-1-2029 K............................... 1,000
940 Massachusetts,
5.25%, GO Consolidated Loan 3-1-2021............ 1,043
60 Massachusetts,
5.25%, GO Consolidated Loan FSA Prerefunded 67
3-1-2021........................................ 67
-------
2,110
-------
MICHIGAN -- 5.2%
500 Detroit, MI, 5.50%, GO MBIA 4-1-2020.............. 555
1,750 Detroit, MI,
6.50%, Water Supply Sys Ref Rev FGIC 7-1-2015... 2,150
1,000 Macomb County, MI,
5.75%, Hosp FA Rev Mt Clemens Gen Hosp
11-15-2025...................................... 1,008
500 Michigan Hosp FA,
5.625%, Rev Ref Henry Ford Health Sys
3-1-2017........................................ 550
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MICHIGAN -- (CONTINUED)
$ 750 Michigan Strategic Fund Ltd,
5.50%, Rev Ref Dow Chemical Proj AMT
12-1-2028....................................... $ 822
-------
5,085
-------
MINNESOTA -- 5.7%
750 California Statewide Community Development Auth,
5.25%, Daughter of Charity Health 7-1-2030...... 781
250 Duluth, MN,
4.20%, Seaway PA IDA Dock & Wharf Rev Ref
Cargill Inc Proj 5-1-2013....................... 256
750 Minneapolis, MN,
6.00%, Health Care System Allina Health
11-15-2018...................................... 845
900 Minnesota Residential Housing Fin Agency,
5.00%, 1-1-2020................................. 919
500 Ramsey, MN,
6.50%, Lease Rev Pact Charter School Proj
12-1-2022....................................... 510
500 St Paul, MN,
6.75%, Redev Auth Rev Ref Achieve Language
Academy 12-1-2022............................... 507
-------
3,818
-------
MISSISSIPPI -- 0.3%
250 Lowndes County, MS,
6.80%, Solid Waste Disposal & Pollution Control
Rev Ref Weyerhaeuser Co Proj 4-1-2022........... 307
-------
MISSOURI -- 0.6%
500 Missouri State Dev Fin Board Infrastructure,
5.50%, Branson 12-1-2032........................ 528
-------
NEVADA -- 1.6%
1,000 Clark County, NV,
6.375%, Impt Dist #142 8-1-2023................. 1,030
500 North Las Vegas, NV,
6.40%, Local Special Impt Dist #60 Aliante
12-1-2022....................................... 515
-------
1,545
-------
NEW HAMPSHIRE -- 0.8%
750 New Hampshire Health & Educ Fac Auth Rev,
5.60%, Elliot Hosp 10-1-2022.................... 795
-------
NEW JERSEY -- 4.5%
1,250 Middlesex County, NJ,
5.00%, Improvement Auth Street Student Housing
Proj 8-15-2018.................................. 1,300
750 New Jersey Educ Fac Auth Rev,
5.125%, Stevens Institute of Technology
7-1-2022........................................ 786
275 New Jersey Educ Fac Auth Rev,
6.00%, Fairleigh Dickinson University
7-1-2025........................................ 295
500 New Jersey Educ Fac Auth Rev,
6.50%, Georgian Court College 7-1-2033.......... 563
</Table>
The accompanying notes are an integral part of these financial statements.
156
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- (CONTINUED)
NEW JERSEY -- (CONTINUED)
$ 500 New Jersey Health Care Fac FA Rev,
6.50%, PascackValley Hospital 7-1-2023.......... $ 496
800 New Jersey,
5.625%, Economic Dev Auth Rev Cigarette Tax
6-15-2019....................................... 848
-------
4,288
-------
NEW MEXICO -- 0.7%
665 Cabezon, NM,
5.20%, Public Improvement Dist 9-1-2015......... 656
-------
NEW YORK -- 5.7%
250 Dutchess County, NY,
5.00%, IDA Civic Fac Rev Ref Marist College
7-1-2022........................................ 261
800 New York Dorm Auth Rev,
5.25%, Methodist Hosp 7-1-2019.................. 862
500 New York State Govt Assistance Corp.,
2.91%, 4-1-2019 K............................... 500
400 New York, NY,
5.65%, IDA Brooklyn Navy Yard Cogen Partners AMT
10-1-2028....................................... 394
1,000 New York, NY, 5.75%, GO 3-1-2016.................. 1,118
575 New York, NY, 8.25%, GO 6-1-2005.................. 577
425 New York, NY, 8.25%, GO 6-1-2005.................. 427
300 Saratoga, NY,
5.00%, Ind Dev Saratoga Hosp Proj 12-1-2013..... 319
620 Utica, NY,
6.875%, IDA Civic Fac Rev Utica College
12-1-2014....................................... 668
400 Westchester County, NY,
6.375%, IDA Continuing Care Retirement
Mtg-Kendal on Hudson Proj 1-1-2024.............. 419
-------
5,545
-------
NORTH CAROLINA -- 1.1%
500 North Carolina Eastern Municipal Power Agency,
5.375%, Power Sys Rev Ref 1-1-2017.............. 533
500 North Carolina Municipal Power Agency,
5.50%, Catawba Elec Rev 1-1-2014................ 551
-------
1,084
-------
OHIO -- 1.9%
300 Cuyahoga County, OH,
5.50%, Rev Ref 1-1-2029......................... 316
1,270 Hamilton, OH,
6.15%, School Dist Improvement 12-1-2016........ 1,545
-------
1,861
-------
OTHER U.S. TERRITORIES -- 2.0%
1,000 Puerto Rico Commonwealth,
5.00%, Ref GO 7-1-2030.......................... 1,080
800 Puerto Rico Commonwealth,
5.25%, Public Impt GO 7-1-2019.................. 873
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
OTHER U.S. TERRITORIES -- (CONTINUED)
$ 110 University Virgin Islands,
5.00%, GO 12-1-2021............................. $ 114
750 Virgin Islands Public FA,
6.125%, Refinery Fac Rev Hovenska Refinery AMT
7-1-2022........................................ 817
-------
2,884
-------
PENNSYLVANIA -- 4.3%
625 Carbon County, PA,
6.65%, IDA Ref Panther Creek Partners Proj AMT
5-1-2010........................................ 674
1,000 Lehigh County, PA,
5.375%, Gen Purpose Auth Rev Saint Lukes
Bethlehem Hosp 8-15-2033........................ 1,027
800 Montgomery County PA,
6.125%, Ind Dev Auth Rev Whitemarsh Continuing
Care Proj 2-1-2028.............................. 835
1,000 Pennsylvania Higher Educ Fac Auth,
5.25%, Widener Univ 7-15-2024................... 1,051
500 Susquehanna, PA,
5.375%, Regional Airport Auth Sys Rev Sub
1-1-2018........................................ 522
-------
4,109
-------
RHODE ISLAND -- 5.6%
250 Rhode Island Health & Educ Bldg Corp.,
6.50%, Hosp Financing 8-15-2032................. 279
5,000 Rhode Island, 6.00%, Tobacco Settlement Funding
Corp. 6-01-2023................................. 5,043
-------
5,322
-------
SOUTH CAROLINA -- 1.1%
1,000 Dorchester County, SC,
5.25%, School Dist #2 Installment Pur Rev
Growth Remedy Oppty Hike 12-1-2024.............. 1,060
-------
TENNESSEE -- 0.5%
500 McMinn County, TN,
7.625%, IDA PCR Calhoun Newsprint Co Proj AMT
3-1-2016........................................ 504
-------
TEXAS -- 2.8%
1,000 Clear Creek, TX,
5.00%, ISD GO 2-15-2018......................... 1,074
1,000 Matagorda County, TX,
5.60%, Navigation Dist #1 Rev Ref Centerpoint
Energy Proj 3-1-2027............................ 1,040
500 Sam Rayburn Municipal Power Agency, TX,
5.50%, Rev Ref 10-1-1010........................ 528
-------
2,642
-------
UTAH -- 0.6%
500 Utah,
5.375%, GO 7-1-2011............................. 560
-------
</Table>
The accompanying notes are an integral part of these financial statements.
157
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- -------
MUNICIPAL BONDS -- (CONTINUED)
VIRGINIA -- 1.7%
$ 500 Norfolk, VA,
6.00%, Redev & Housing Auth First Mort
Retirement Comm 1-1-2025........................ $ 507
1,000 Peninsula PA of Virginia,
6.00%, Port Fac CSX Transportation Proj Rev Ref
12-15-2012...................................... 1,120
-------
1,627
-------
WASHINGTON -- 5.4%
670 King County, WA,
5.00%, ISD #210 GO 6-1-2019..................... 713
4,500 Seattle, WA,
2.94%, System Rev 3-1-2032 K.................... 4,500
-------
5,213
-------
WISCONSIN -- 2.1%
1,305 Sparta, WI,
5.90%, School Dist Ref GO FGIC 3-1-2016......... 1,469
500 Wisconsin Housing & Economic Dev Auth,
4.85%, GO Home Ownership Rev 9-1-2017........... 519
-------
1,988
-------
Total municipal bonds
(cost $87,596).................................. $92,339
-------
SHORT-TERM INVESTMENTS -- 1.8%
MINNESOTA -- 1.8%
$1,709 State Street Bank Tax Free Money Market, Current
rate -- 2.23% K................................. $ 1,709
-------
Total short-term investments
(cost $1,709)................................... $ 1,709
-------
Total investments in securities
(cost $89,305)O................................. $94,048
=======
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
O At April 30, 2005, the cost of securities for federal income tax purposes
is $89,305 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation.......................... $4,752
Unrealized depreciation.......................... (9)
------
Net unrealized appreciation...................... $4,743
======
</Table>
<Table>
U See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
M Securities issued within terms of a private placement memorandum, exempt
from registration under Section 144A of the Securities Act of 1933, as
amended, and may be sold only to dealers in that program or to other
"accredited investors". Pursuant to guidelines adopted by the Board of
Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $1,523, which represents 1.59%
of total net assets.
K Variable rate securities; the rate reported is the coupon rate in effect
at April 30, 2005.
</Table>
<Table>
AMT -- Alternative Minimum Tax
DA -- Development Authority
FA -- Finance Authority
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligations
IDA -- Industrial Development Authority Bond
IDR -- Industrial Development Revenue Bond
ISD -- Independent School District
MBIA -- Municipal Bond Insurance Association
PA -- Port Authority
PCR -- Pollution Control Revenue Bond
USD -- United School District
</Table>
The accompanying notes are an integral part of these financial statements.
158
THE HARTFORD TAX-FREE NEW YORK FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
MUNICIPAL BONDS -- 98.2%
AIRPORT REVENUES -- 1.5%
$200 Monroe County, NY,
5.25%, Airport Auth Rev Ref Greater Rochester
International 1-1-2014.......................... $ 217
-------
GENERAL OBLIGATIONS -- 34.7%
200 New York State Govt Assistance Corp.,
2.99%, 4-1-2019 K............................... 200
500 New York, NY,
3.05%, Transitional FA NYC Recovery 11-1-2022
K............................................... 500
250 New York, NY, 2.95%, GO 8-1-2009 K................ 250
425 New York, NY, 5.75%, GO 3-1-2016.................. 475
450 New York, NY, 5.00%, GO 3-1-2030.................. 467
500 Niagara Falls New York City School District
Certificate Participation,
5.00%, 6-15-2028 I.............................. 525
250 Puerto Rico Commonwealth,
5.00%, Ref GO 7-1-2030.......................... 270
200 Puerto Rico Commonwealth,
5.25%, Public Impt GO 7-1-2019.................. 218
1,000 Puerto Rico Tobacco Settlement Fund,
5.50%, 5-15-2039................................ 1,000
400 Tobacco Settlement FA of NY,
5.50%, GO 6-1-2022.............................. 441
700 Triborough Bridges and Tunnel Auth.,
3.00%, 11-1-2032 K.............................. 700
110 University Virgin Islands,
5.00%, GO 12-1-2021............................. 114
-------
5,160
-------
HEALTH CARE/SERVICES -- 7.7%
125 Chemung County, NY,
5.00%, IDA Civic Fac Rev Arnot Ogden Medical Ctr
Constr 11-1-2034................................ 126
445 New York Dorm Auth Rev,
5.00%, Mental Health Services Fac 2-15-2018..... 479
5 New York Dorm Auth Rev,
5.00%, Mental Health Services Fac 2-15-2018..... 5
200 New York Dorm Auth Rev,
5.25%, Methodist Hosp 7-1-2019.................. 216
200 Saratoga, NY,
5.00% Ind Dev Saratoga Hosp Proj 12-1-2014...... 212
100 Westchester County, NY,
6.375%, IDA Continuing Care Retirement
Mtg-Kendal on Hudson Proj 1-1-2024.............. 105
-------
1,143
-------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- 23.9%
250 Dutchess County, NY,
5.00%, IDA Civic Fac Rev Ref Marist College
7-1-2022........................................ 261
450 New York Dorm Auth Lease Rev,
5.00%, State Univ Dorm Fac 7-1-2032............. 497
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- (CONTINUED)
$425 New York Dorm Auth Lease Rev,
5.50%, Court Fac 5-15-2020...................... $ 467
190 New York Dorm Auth Rev,
5.00%, Fordham Univ FGIC 7-1-2020............... 202
400 New York Dorm Auth Rev,
5.00%, Mount St Mary College 7-1-2027........... 416
450 New York Dorm Auth Rev,
5.125%, St Barnabas FHA AMBAC 2-1-2022.......... 481
135 New York Dorm Auth Rev,
5.25%, Rochester Univ 7-1-2022.................. 147
250 New York Dorm Auth Rev,
5.50%, Brooklyn Law School 7-1-2019............. 275
200 New York Dorm Auth Rev,
5.50%, Winthrop South Nassau Univ 7-1-2023...... 210
250 New York Dorm Auth,
5.25%, Upstate Comm College 7-1-2021............ 273
200 Otsego County, NY,
6.00%, IDA Civic Fac Rev Hartwick College Proj
7-1-2011........................................ 215
100 Utica, NY,
6.875%, IDA Civic Fac Rev Utica College
12-1-2014....................................... 108
-------
3,552
-------
HOUSING (HFA'S, ETC.) -- 4.7%
200 Grand Central, NY, Dist Management Assoc Inc,
5.00%, Ref Cap Impt Business Impt 1-1-2022...... 213
425 New York Urban Dev Corp Rev,
5.50%, Personal Income Tax FGIC 3-15-2017....... 488
-------
701
-------
INDUSTRIAL -- 2.4%
100 Albany, NY, IDA,
5.00% New Covenant Charter School 5-1-2007 I.... 100
250 New York, NY, Ind Dev Agency Civic Fac Rev,
5.25%,YMCA of Greater NY Proj 8-1-2021.......... 261
-------
361
-------
LAND DEVELOPMENT -- 0.8%
100 New York, NY,
5.65%, IDA Brooklyn Navy Yard Cogen Partners
10-1-2028....................................... 99
-------
MISCELLANEOUS -- 5.0%
450 New York, NY,
5.00%, Transitional FA Future Tax Secured
8-1-2023........................................ 475
</Table>
The accompanying notes are an integral part of these financial statements.
159
THE HARTFORD TAX-FREE NEW YORK FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
MUNICIPAL BONDS -- (CONTINUED)
MISCELLANEOUS -- (CONTINUED)
$250 Virgin Islands Public FA,
6.125%, Refinery Fac Rev Hovenska Refinery
7-1-2022........................................ $ 272
-------
747
-------
POLLUTION CONTROL -- 3.2%
450 New York Environmental Fac Corp,
5.00%, 7-15-2026................................ 474
-------
PUBLIC FACILITIES -- 3.1%
450 St. Lawrence, NY,
5.00%, IDA Civic Fac Rev Clarkson Univ Proj
7-1-2023........................................ 465
-------
TRANSPORTATION -- 6.4%
450 New York Metropolitan Transportation Auth,
5.125%, 11-15-2031.............................. 470
450 PA of NY & NJ GO, 5.00%, 11-1-2021................ 482
-------
952
-------
UTILITIES -- ELECTRIC -- 1.7%
250 New York Energy Research & Dev Auth,
5.30%, Elec Fac Rev Adj Long
Island Lighting Co Proj 8-1-2025................ 259
-------
UTILITIES -- WATER AND SEWER -- 3.1%
450 Jefferson County, NY,
5.20%, IDA Waste Disp 12-1-2020................. 458
-------
Total municipal bonds
(cost $14,070).................................. $14,588
-------
SHORT-TERM INVESTMENTS -- 2.5%
FINANCE -- 2.5%
$368 Dreyfus Basic New York Municipal Money Market
Fund, Current rate -- 2.33%K.................... $ 368
-------
Total short-term investments
(cost $368)..................................... $ 368
-------
Total investments in securities
(cost $14,438) O................................ $14,956
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $14,438 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation............................ $521
Unrealized depreciation............................ (3)
----
Net unrealized appreciation........................ $518
====
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
K Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005.
I The cost of securities purchased on a when-issued basis at April 30,
2005, was $615.
<Table>
AMT -- Alternative Minimum Tax
DA -- Development Authority
FA -- Finance Authority
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligations
IDA -- Industrial Development Authority Bond
IDR -- Industrial Development Revenue Bond
ISD -- Independent School District
MBIA -- Municipal Bond Insurance Association
PA -- Port Authority
PCR -- Pollution Control Revenue Bond
USD -- United School District
</Table>
The accompanying notes are an integral part of these financial statements.
160
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
PREFERRED STOCKS -- 0.5%
FINANCE -- 0.5%
$ 63 Goldman Sachs Group, Inc., Conv., 11-10-2049...... $ 1,574
60 HSBC USA, Inc., Conv., 10-1-2049.................. 1,497
--------
Total preferred stocks (cost $3,075).............. $ 3,071
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
MUNICIPAL BONDS -- 0.5%
GENERAL OBLIGATIONS -- 0.5%
$ 3,000 Illinois GO, 5.10%, Taxable Pension, 6-1-2033..... $ 2,955
--------
Total municipal bonds (cost $3,000)............... $ 2,955
--------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 10.9%
FINANCE -- 10.6%
1,215 American Express Credit Account Master Trust,
3.45%, 2-15-2012 MK............................. $ 1,217
392 AQ Finance CEB Trust,
8.02%, 8-25-2033 MK............................. 388
151 Asset Backed Funding Corp. NIM Trust,
4.55%, 12-26-2033 M............................. 150
49,830 Banc of America Commercial Mortgage, Inc.,
4.08%, 12-10-2042 W............................. 1,349
6,980 Banc of America Commercial Mortgage, Inc.,
6.02%, 9-11-2036 M W............................ 1,015
800 Bank One Issuance Trust,
4.77%, 2-16-2016................................ 790
14,550 Bear Stearns Commercial Mortgage Securities, Inc.,
4.07%, 7-11-2042 W.............................. 620
11,607 Bear Stearns Commercial Mortgage Securities, Inc.,
4.12%, 11-11-2041 W............................. 413
26,290 Bear Stearns Commercial Mortgage Securities, Inc.,
5.50%, 2-11-2041 M W............................ 631
782 California Infrastructure & Economic Development,
6.38%, 9-25-2008................................ 799
960 Capital One Multi-Asset Execution Trust,
3.50%, 2-17-2009................................ 956
1,430 Chase Credit Card Master Trust,
5.50%, 11-17-2008............................... 1,459
2,290 Citibank Credit Card Issuance Trust,
5.00%, 6-10-2015................................ 2,290
1,375 Citigroup Commercial Mortgage Trust,
5.25%, 4-15-2040................................ 1,419
1,300 CNH Equipment Trust,
4.02%, 4-15-2009................................ 1,299
778 Conseco Finance Securitizations Corp.,
5.79%, 5-1-2033................................. 785
299 Countrywide Asset-Backed Certificates,
5.46%, 5-25-2035................................ 302
636 CS First Boston Mortgage Securities Corp.,
2.08%, 5-15-2038................................ 614
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
FINANCE -- (CONTINUED)
$ 1,750 Fleet Credit Card Master Trust II,
7.02%, 2-15-2008................................ $ 1,769
2,500 GE Capital Commercial Mortgage Corp.,
4.12%, 3-10-2040................................ 2,460
2,700 GE Capital Commercial Mortgage Corp.,
4.37%, 1-10-2038................................ 2,677
12,908 GMAC Commercial Mortgage Securities, Inc.,
4.10%, 12-10-2041 W............................. 410
31,000 Goldman Sachs Mortgage Securities Corp. II,
4.38%, 8-10-2038 W.............................. 489
1,650 Goldman Sachs Mortgage Securities Corp. II,
4.60%, 8-10-2038................................ 1,659
366 Green Tree Financial Corp.,
6.27%, 6-1-2030................................. 372
410 Green Tree Financial Corp.,
7.24%, 6-15-2028................................ 437
136 Home Equity Asset Trust,
5.25%, 4-27-2034 M.............................. 136
2,700 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
3.84%, 1-12-2039................................ 2,599
58,073 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.07%, 1-15-2042 W.............................. 1,290
106,329 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.82%, 8-12-2037 W.............................. 642
1,900 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
4.87%, 3-15-2046................................ 1,916
24,748 J.P. Morgan Chase Commercial Mortgage Securities
Corp.,
5.50%, 1-15-2038 M W............................ 1,078
1,569 LB-UBS Commercial Mortgage Trust,
2.72%, 3-15-2007................................ 1,529
1,785 LB-UBS Commercial Mortgage Trust,
3.34%, 9-15-2027................................ 1,747
3,000 LB-UBS Commercial Mortgage Trust,
4.80%, 12-15-2029............................... 2,993
1,005 Long Beach Asset Holdings Corp.,
4.12%, 2-25-2035 M.............................. 1,005
681 Morgan Stanley Auto Loan Trust,
5.00%, 3-15-2012 M.............................. 675
157 Morgan Stanley Capital I,
5.91%, 11-15-2031............................... 159
1,175 Morgan Stanley Capital I,
7.65%, 4-30-2039 MK............................. 1,257
372 Morgan Stanley Dean Witter Capital I,
4.57%, 12-18-2032............................... 373
12,535 Morgan Stanley Dean Witter Capital I,
8.05%, 8-25-2032 V W............................ 600
12,535 Morgan Stanley Dean Witter Capital I,
0.00%, 8-25-2032 V.............................. @@
3,050 Oncor Electric Delivery Transition Bond Co.,
4.03%, 2-15-2012................................ 3,027
880 Park Place Securities, Inc.,
3.40%, 9-25-2034 K.............................. 884
</Table>
The accompanying notes are an integral part of these financial statements.
161
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 1,400 Peco Energy Transition Trust,
6.13%, 3-1-2009................................. $ 1,473
650 Popular ABS Mortgage Pass-Through Trust,
4.75%, 12-25-2034............................... 640
540 Popular ABS Mortgage Pass-Through Trust,
5.42%, 4-25-2035................................ 546
1,125 Providian Gateway Master Trust,
3.35%, 9-15-2011 M.............................. 1,104
1,450 Providian Gateway Master Trust,
3.80%, 11-15-2011 M............................. 1,436
1,750 PSE&G Transition Funding LLC,
6.45%, 3-15-2013................................ 1,914
800 Renaissance Home Equity Loan Trust,
5.36%, 5-25-2035................................ 801
2,080 Residential Asset Mortgage Products, Inc.,
3.19%, 5-25-2034................................ 2,091
550 Residential Asset Mortgage Products, Inc.,
4.98%, 8-25-2034................................ 554
237 Soundview Home Equity Loan Trust, Inc.,
8.64%, 5-25-2030................................ 241
2,960 Standard Credit Card Master Trust,
6.55%, 1-7-2007................................. 2,999
695 Structured Asset Securities Corp.,
2.94%, 2-25-2035................................ 695
10,513 Wachovia Bank Commercial Mortgage Trust,
3.65%, 2-15-2041 M W............................ 427
1,375 Wachovia Bank Commercial Mortgage Trust,
4.72%, 1-15-2041................................ 1,381
--------
64,981
--------
TRANSPORTATION -- 0.1%
570 Connecticut RRB Special Purpose Trust,
6.21%, 12-30-2011............................... 616
--------
UTILITIES -- 0.2%
109 Illinois Power Special Purpose Trust,
5.38%, 6-25-2007................................ 109
805 Pacific Gas & Electric Energy Recovery Funding
LLC,
3.87%, 6-25-2011................................ 802
--------
911
--------
Total asset backed and commercial mortgage
securities (cost $67,114)....................... $ 66,508
--------
CORPORATE BONDS: INVESTMENT GRADE -- 35.0%
BASIC MATERIALS -- 2.0%
800 Carter Holt Harvey Ltd.,
9.50%, 12-1-2024................................ $ 1,112
1,430 Domtar, Inc.,
7.875%, 10-15-2011.............................. 1,538
504 Dow Chemical Co.,
7.00%, 8-15-2005................................ 509
275 Georgia Gulf Corp.,
7.625%, 11-15-2005 H............................ 278
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
BASIC MATERIALS -- (CONTINUED)
$ 1,500 ICI Wilmington, Inc.,
4.375%, 12-1-2008............................... $ 1,483
1,200 Inco Ltd.,
7.75%, 5-15-2012................................ 1,392
1,155 Lubrizol Corp.,
5.50%, 10-1-2014................................ 1,175
600 Placer Dome, Inc.,
7.125%, 6-15-2007............................... 633
1,900 Potlatch Corp.,
12.50%, 12-1-2009............................... 2,364
2,000 Union Camp Corp.,
7.00%, 8-15-2006................................ 2,064
--------
12,548
--------
CAPITAL GOODS -- 1.0%
2,045 Bombardier, Inc.,
6.30%, 5-1-2014 MH.............................. 1,759
965 Briggs & Stratton Corp.,
8.875%, 3-15-2011............................... 1,110
1,500 Rockwell Automation, Inc.,
6.70%, 1-15-2028................................ 1,782
1,145 Textron Financial Corp.,
5.875%, 6-1-2007................................ 1,185
--------
5,836
--------
CONSUMER CYCLICAL -- 1.1%
710 Foster's Finance Corp.,
4.875%, 10-1-2014 M............................. 693
300 Nine West Group, Inc.,
8.375%, 8-15-2005............................... 303
1,560 PHH Corp.,
7.125%, 3-1-2013................................ 1,730
2,980 Pulte Homes, Inc.,
6.00%, 2-15-2035................................ 2,777
930 Staples, Inc.,
7.125%, 8-15-2007............................... 990
--------
6,493
--------
CONSUMER STAPLES -- 1.0%
3,110 Cadbury Schweppes Finance plc,
5.00%, 6-26-2007................................ 3,158
655 Conagra Foods, Inc.,
7.125%, 10-1-2026............................... 786
2,200 General Mills, Inc.,
2.625%, 10-24-2006.............................. 2,156
--------
6,100
--------
ENERGY -- 2.4%
1,015 Amerada Hess Corp.,
7.30%, 8-15-2031................................ 1,160
1,275 Consolidated Natural Gas Co.,
5.375%, 11-1-2006............................... 1,298
1,190 Enterprise Products Operating L.P.,
4.625%, 10-15-2009.............................. 1,171
500 Lasmo (USA), Inc.,
7.50%, 6-30-2006................................ 521
</Table>
The accompanying notes are an integral part of these financial statements.
162
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
ENERGY -- (CONTINUED)
$ 650 Occidental Petroleum Corp.,
7.375%, 11-15-2008.............................. $ 716
830 PanCanadian Petroleum Ltd.,
6.30%, 11-1-2011................................ 904
860 Panhandle Eastern Pipeline,
2.75%, 3-15-2007................................ 836
1,210 Pioneer Natural Resource,
5.875%, 7-15-2016............................... 1,200
681 Ras Laffan Liquefied Natural Gas Co. Ltd.,
3.44%, 9-15-2009 M.............................. 668
1,150 Repsol International Finance B.V.,
7.45%, 7-15-2005................................ 1,160
1,130 Schlumberger Ltd.,
2.125%, 6-1-2023 H.............................. 1,196
1,600 Transocean Inc.,
1.50%, 5-15-2021................................ 1,566
620 Valero Energy Corp.,
7.50%, 4-15-2032................................ 732
380 Valero Energy Corp.,
8.75%, 6-15-2030................................ 497
535 XTO Energy Inc.,
5.00%, 1-31-2015................................ 529
585 XTO Energy, Inc.,
5.30%, 6-30-2015................................ 591
--------
14,745
--------
FINANCE -- 14.9%
948 Abbey National plc,
6.69%, 10-17-2005 H............................. 962
910 Abbey National plc,
6.70%, 6-29-2049................................ 966
800 Aetna, Inc.,
7.375%, 3-1-2006................................ 822
1,125 Aetna, Inc.,
7.875%, 3-1-2011................................ 1,297
1,420 American General Finance Corp.,
3.875%, 10-1-2009............................... 1,378
3,110 Amvescap plc,
4.50%, 12-15-2009............................... 3,090
800 Anthem, Inc.,
6.80%, 8-1-2012................................. 898
1,600 AvalonBay Communities, Inc.,
8.25%, 7-15-2008................................ 1,778
13,620 Bundesobligation,
3.50%, 10-10-2008............................... 18,076
4,320 Bundesobligation,
4.50%, 8-17-2007................................ 5,829
1,000 Camden Property Trust,
4.375%, 1-15-2010............................... 979
1,360 Capital One Bank Corp.,
6.50%, 6-13-2013................................ 1,471
1,100 CIT Group, Inc.,
4.00%, 5-8-2008................................. 1,087
985 CIT Group, Inc.,
4.125%, 11-3-2009............................... 967
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
FINANCE -- (CONTINUED)
$ 1,200 Credit Suisse First Boston USA, Inc.,
6.50%, 1-15-2012................................ $ 1,323
700 Duke Realty Corp.,
5.25%, 1-15-2010................................ 715
600 ERAC USA Finance Co.,
5.60%, 5-1-2015 M............................... 607
465 ERAC USA Finance Co.,
8.25%, 5-1-2005 M............................... 465
1,400 ERP Operating L.P.,
6.58%, 4-13-2015................................ 1,539
1,050 Fondo LatinoAmericano De Reservas,
3.00%, 8-1-2006 M............................... 1,040
800 Ford Motor Credit Co.,
5.70%, 1-15-2010 H.............................. 723
1,400 Ford Motor Credit Co.,
7.375%, 2-1-2011................................ 1,311
8,715 French Treasury Note,
2.25%, 3-12-2007................................ 11,220
2,300 General Motors Acceptance Corp.,
6.75%, 12-1-2014 H.............................. 1,927
2,895 Goldman Sachs Group, Inc.,
5.25%, 4-1-2013................................. 2,945
1,270 International Lease Finance Corp.,
5.00%, 4-15-2010 H.............................. 1,276
1,625 J.P. Morgan Chase & Co.,
5.125%, 9-15-2014............................... 1,640
1,650 J.P. Morgan Chase & Co.,
5.25%, 5-1-2015................................. 1,685
1,450 J.P. Morgan Chase & Co.,
7.875%, 6-15-2010............................... 1,665
2,100 Manufacturers and Traders Trust Co.,
2.99%, 6-20-2006 K.............................. 2,100
1,125 Merrill Lynch & Co., Inc.,
4.125%, 9-10-2009............................... 1,112
1,490 Mizuho Financial Group, Inc.,
5.79%, 4-15-2014 M.............................. 1,541
1,270 Morgan Stanley,
4.75%, 4-1-2014................................. 1,228
1,130 National Rural Utilities Cooperative Finance
Corp.,
3.00%, 2-15-2006................................ 1,124
1,225 Navistar Financial Corp. Owner Trust,
3.53%, 10-15-2012............................... 1,199
725 PNC Funding Corp.,
7.50%, 11-1-2009................................ 811
750 Prudential Insurance Co. of America,
6.375%, 7-23-2006 M............................. 773
1,450 Rabobank Capital Funding Trust III,
5.25%, 12-29-2049 M............................. 1,450
1,820 Simon Property Group, Inc.,
7.875%, 3-15-2016 M............................. 2,134
250 Southern Investments UK plc,
6.80%, 12-1-2006................................ 259
1,150 St. Paul Companies, Inc.,
8.125%, 4-15-2010............................... 1,323
685 SunTrust Banks, Inc.,
6.00%, 2-15-2026................................ 751
</Table>
The accompanying notes are an integral part of these financial statements.
163
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 496 Travelers Property Casualty Corp.,
5.00%, 3-15-2013 H.............................. $ 498
950 United Mexican States,
4.625%, 10-8-2008............................... 943
555 United Mexican States,
5.875%, 1-15-2014............................... 561
850 United Mexican States,
8.125%, 12-30-2019.............................. 995
1,005 UnitedHealth Group, Inc.,
4.125%, 8-15-2009 H............................. 992
345 Verizon Global Funding Corp.,
7.75%, 12-1-2030................................ 429
720 Wachovia Corp.,
7.55%, 8-18-2005 H.............................. 729
720 Wellpoint Health Networks, Inc.,
6.375%, 6-15-2006............................... 738
--------
91,371
--------
HEALTH CARE -- 0.6%
740 Coventry Health Care, Inc.,
5.875%, 1-15-2012............................... 736
750 Humana, Inc.,
7.25%, 8-1-2006................................. 776
422 Manor Care, Inc.,
6.25%, 5-1-2013................................. 452
477 Manor Care, Inc.,
7.50%, 6-15-2006................................ 493
1,300 Pharmacia Corp.,
6.60%, 12-1-2028................................ 1,522
--------
3,979
--------
SERVICES -- 2.4%
1,370 American Greetings Corp.,
6.10%, 8-1-2028................................. 1,415
1,600 ARAMARK Services, Inc.,
7.10%, 12-1-2006................................ 1,667
915 Army Hawaii Family Housing,
5.52%, 6-15-2050 M.............................. 925
800 Cox Radio, Inc.,
6.375%, 5-15-2005............................... 800
670 FedEx Corp.,
3.50%, 4-1-2009................................. 649
575 Fiserv, Inc.,
3.00%, 6-27-2008................................ 549
1,745 Harrah's Operating Co, Inc.,
5.50%, 7-1-2010................................. 1,784
1,000 Marriott International, Inc.,
7.875%, 9-15-2009............................... 1,129
700 News America Holdings, Inc.,
7.70%, 10-30-2025............................... 824
685 TCI Communications, Inc.,
8.75%, 8-1-2015................................. 873
1,650 Tele-Communications, Inc.,
7.875%, 8-1-2013................................ 1,947
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SERVICES -- (CONTINUED)
$ 1,025 Walt Disney Co.,
6.375%, 3-1-2012................................ $ 1,118
1,240 WMX Technologies, Inc.,
7.00%, 10-15-2006............................... 1,288
--------
14,968
--------
TECHNOLOGY -- 4.9%
2,500 AT&T Wireless Services, Inc.,
8.75%, 3-1-2031................................. 3,409
530 BellSouth Corp.,
6.00%, 11-15-2034............................... 547
1,235 British Sky Broadcasting,
7.30%, 10-15-2006............................... 1,291
1,175 Computer Associates International, Inc.,
5.625%, 12-1-2014 M............................. 1,169
3,875 Cox Communications, Inc.,
5.50%, 10-1-2015................................ 3,860
1,600 Deutsche Telekom International Finance B.V.,
8.25%, 6-15-2005................................ 1,609
980 Deutsche Telekom International Finance B.V.,
8.50%, 6-15-2010 H.............................. 1,137
2,450 France Telecom S.A.,
8.00%, 3-1-2011................................. 2,824
1,175 Intelsat Ltd.,
6.50%, 11-1-2013................................ 931
1,225 Motorola, Inc.,
8.00%, 11-1-2011 H.............................. 1,435
805 Raytheon Co.,
4.50%, 11-15-2007............................... 822
680 Raytheon Co.,
6.55%, 3-15-2010................................ 734
655 Raytheon Co.,
8.30%, 3-1-2010................................. 756
750 SBC Communications, Inc.,
5.10%, 9-15-2014................................ 750
720 SBC Communications Inc.,
6.15%, 9-15-2034................................ 747
700 Sprint Capital Corp.,
8.75%, 3-15-2032................................ 941
1,000 Telefonica Europe B.V.,
7.35%, 9-15-2005................................ 1,014
1,000 TELUS Corp.,
8.00%, 6-1-2011................................. 1,155
685 Thomas & Betts Corp.,
7.25%, 6-1-2013................................. 740
3,100 Time Warner Entertainment Co. L.P.,
8.375%, 3-15-2023............................... 3,900
--------
29,771
--------
TRANSPORTATION -- 0.1%
819 American Airlines, Inc.,
6.98%, 4-1-2011................................. 836
--------
UTILITIES -- 4.6%
500 Buckeye Partners, L.P.,
5.30%, 10-15-2014............................... 504
1,590 Carolina Power & Light Co.,
5.125%, 9-15-2013............................... 1,613
</Table>
The accompanying notes are an integral part of these financial statements.
164
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 1,140 Carolina Power & Light Co.,
6.125%, 9-15-2033............................... $ 1,228
1,275 Centerpoint Energy, Inc.,
6.85%, 6-1-2015................................. 1,417
250 Cleveland Electric Illuminating Co.,
7.13%, 7-1-2007................................. 264
2,040 Commonwealth Edison Co.,
4.70%, 4-15-2015................................ 2,016
400 Consumers Energy Co.,
5.15%, 2-15-2017................................ 395
118 Consumers Energy Co.,
6.25%, 9-15-2006................................ 122
565 Detroit Edison Co.,
6.125%, 10-1-2010............................... 606
1,175 Duke Energy Corp.,
3.75%, 3-5-2008................................. 1,159
970 Empresa Nacional de Electricidad SA,
8.625%, 8-1-2015 H.............................. 1,118
1,400 Florida Power & Light Co.,
5.65%, 2-1-2035................................. 1,490
3,200 FPL Group Capital, Inc.,
3.25%, 4-11-2006................................ 3,185
275 Kansas Gas & Electric Co.,
6.20%, 1-15-2006................................ 279
2,730 Kinder Morgan Energy Partners L.P.,
5.80%, 3-15-2035................................ 2,665
1,920 Monongahela Power Corp.,
6.70%, 6-15-2014................................ 2,097
800 Northern States Power Co.,
2.875%, 8-1-2006................................ 789
1,500 Northern States Power Co.,
8.00%, 8-28-2012................................ 1,806
1,600 Pacificorp,
5.45%, 9-15-2013................................ 1,671
200 Pacificorp,
6.12%, 1-15-2006................................ 203
320 Potomac Edison Co.,
5.35%, 11-15-2014 M............................. 322
900 Public Service Co. of Colorado,
4.875%, 3-1-2013................................ 907
656 Southern California Edison Co.,
8.00%, 2-15-2007................................ 699
850 Texas-New Mexico Power Co.,
6.125%, 6-1-2008................................ 871
250 Westar Energy, Inc.,
5.15%, 1-1-2017................................. 250
550 Western Resources, Inc.,
7.875%, 5-1-2007................................ 587
--------
28,263
--------
Total corporate bonds:
investment grade
(cost $212,205)................................. $214,910
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 3.3%
BASIC MATERIALS -- 0.6%
$ 565 Abitibi-Consolidated, Inc.,
8.85%, 8-1-2030 H............................... $ 480
2,055 International Steel Group, Inc.,
6.50%, 4-15-2014................................ 2,040
865 Vale Overseas Ltd.,
8.25%, 1-17-2034................................ 902
--------
3,422
--------
CONSUMER CYCLICAL -- 0.5%
890 Penney (J.C.) Co., Inc.,
7.65%, 8-15-2016................................ 963
1,175 D.R. Horton, Inc.,
5.625%, 9-15-2014............................... 1,139
1,130 Delhaize America, Inc.,
8.125%, 4-15-2011............................... 1,246
--------
3,348
--------
ENERGY -- 0.4%
1,500 El Paso CGP Co.,
6.50%, 6-1-2008................................. 1,451
800 Ferrellgas L.P.,
6.99%, 8-1-2005 M............................... 804
--------
2,255
--------
FINANCE -- 0.3%
305 American Real Estate Partners L.P.,
7.125%, 2-15-2013 M............................. 295
1,225 Rouse Co.,
7.20%, 9-15-2012................................ 1,339
--------
1,634
--------
HEALTH CARE -- 0.3%
1,100 HCA, Inc.,
6.375%, 1-15-2015 H............................. 1,104
905 HCA, Inc.,
6.95%, 5-1-2012................................. 944
--------
2,048
--------
TECHNOLOGY -- 0.6%
805 L-3 Communications Corp.,
7.625%, 6-15-2012............................... 851
147 MCI, Inc.,
6.91%, 5-1-2007................................. 149
147 MCI, Inc.,
7.69%, 5-1-2009................................. 152
1,355 PerkinElmer, Inc.,
8.875%, 1-15-2013............................... 1,504
380 Rogers Cable, Inc.,
6.25%, 6-15-2013................................ 356
420 Shaw Communications, Inc.,
8.25%, 4-11-2010................................ 460
--------
3,472
--------
TRANSPORTATION -- 0.3%
1,880 Royal Caribbean Cruises Ltd.,
6.875%, 12-1-2013............................... 1,951
--------
</Table>
The accompanying notes are an integral part of these financial statements.
165
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- 0.3%
$ 850 Montana Power Co.,
7.30%, 12-1-2006 M.............................. $ 879
890 Sierra Pacific Power Co.,
8.00%, 6-1-2008................................. 939
--------
1,818
--------
Total corporate bonds:
Non-investment grade
(cost $19,916).................................. $ 19,948
--------
U.S. GOVERNMENT SECURITIES -- 14.2%
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.4%
8,800 Tennessee Valley Authority,
6.96%, 11-1-2025 Z.............................. $ 2,103
250 Federal Home Loan Bank,
4.49%, 2-20-2007 K.............................. 263
--------
2,366
--------
U.S. TREASURY SECURITIES -- 13.8%
5,320 2.00% 2014 JH..................................... 5,618
3,790 2.375% 2025 J..................................... 4,212
690 3.00% 2007 H...................................... 679
10,705 3.375% 2008 H..................................... 10,610
4,740 3.625% 2008 J..................................... 6,053
43,300 4.00% 2010-2015 H................................. 43,120
3,080 4.25% 2014 H...................................... 3,093
7,125 5.375% 2031 H..................................... 8,047
2,350 6.875% 2025....................................... 3,046
--------
84,478
--------
Total U.S. government securities
(cost $86,121).................................. $ 86,844
--------
U.S. GOVERNMENT AGENCIES -- 27.8%
FEDERAL HOME LOAN MORTGAGE
CORPORATION -- 8.1%
3,800 4.10% 2014........................................ $ 3,754
22,526 5.50% 2033-2035................................... 4,479
18,100 5.50% 2035 I...................................... 18,298
10,312 6.00% 2033-2035................................... 10,593
12,100 6.00% 2035 I...................................... 12,418
--------
49,542
--------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION -- 13.5%
9,575 4.50% 2005 I...................................... 9,243
30,686 5.00% 2018-2035................................... 30,618
5,570 5.00% 2020 I...................................... 5,608
16,925 5.50% 2025-2033................................... 17,107
5,480 5.50% 2020 I...................................... 5,607
10,921 6.00% 2013-2033................................... 11,242
2,463 6.50% 2031-2034................................... 2,562
727 7.50% 2029-2031................................... 780
--------
82,767
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 6.2%
$ 4,359 5.00% 2020-2033................................... $ 4,358
9,200 5.00% 2020 I...................................... 9,180
7,270 5.50% 2033-2035................................... 7,404
4,100 5.50% 2035 I...................................... 4,169
5,587 6.00% 2032-2034................................... 5,767
6,688 6.50% 2028-2032................................... 7,008
--------
37,886
--------
Total U.S. government agencies
(cost $169,846)................................. $170,195
--------
Total long-term investments
(cost $561,277)................................. $564,431
--------
SHORT-TERM INVESTMENTS -- 33.3%
FINANCE -- 18.5%
$37,716 BNP Paribas Repurchase Agreement,
2.83% 5-2-2005.................................. $ 37,716
34,814 RBS Greenwich Repurchase Agreement,
2.84%, 5-2-2005................................. 34,814
40,898 UBS Securities, LLC Repurchase Agreement,
2.84%, 5-2-2005................................. 40,898
--------
113,428
--------
SECURITIES PURCHASED WITH PROCEEDS FROM
SECURITY LENDING -- 14.8%
90,869 Navigator Prime Portfolio......................... 90,869
--------
Total short-term investments
(cost $204,297)................................. $204,297
--------
Total investments in securities (cost $765,574)
O............................................... $768,728
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 12.39% of total net assets at April 30, 2005.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $765,777 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 7,494
Unrealized depreciation......................... (4,543)
-------
Net unrealized appreciation..................... $ 2,951
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
V The following securities are considered illiquid. Securities
identified below as 144A are securities issued within terms of a private
placement memorandum, exempt from registration under Section 144A of the
Securities Act of 1933, as amended, and may be sold only to dealers in that
program or to other "accredited investors".
The accompanying notes are an integral part of these financial statements.
166
- --------------------------------------------------------------------------------
<Table>
<Caption>
PERIOD SHARES/ COST
ACQUIRED PAR SECURITY BASIS
-------- ------- -------- -----
2005 12,535 Morgan Stanley Dean Witter
Capital I, 8.05%, 8-25-2032 $600
2005.. 12,535 Morgan Stanley Dean Witter
Capital I, 0.00%, 8-25-2032 @@
</Table>
The aggregate value of these securities at April 30, 2005 was $600,
which represents 0.10% of total net assets.
M Securities issued within terms of a private placement
memorandum, exempt from registration under Section 144A of the Securities Act of
1933, as amended, and may be sold only to dealers in that program or to
other "accredited investors". Pursuant to guidelines adopted by the Board
of Directors, these issues are determined to be liquid. The aggregate value
of these securities at April 30, 2005, was $26,043, which represents 4.25%
of total net assets.
K Variable rate securities; the rate reported is the coupon rate in
effect at April 30, 2005
Z The interest rate disclosed for these securities represents the
effective yield on the date of acquisition.
J 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.
W The interest rates disclosed for interest only strips represent
effective yields based upon estimated future cash flows at April 30, 2005.
I The cost of securities purchased on a when-issued basis at April 30,
2005, was $63,996.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DATE (DEPRECIATION)
----------- ----------- ------ -------- -------- --------------
Euro Sell $36,277 $36,488 July 26, 2005 $211
----
</Table>
The accompanying notes are an integral part of these financial statements.
167
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 3.2%
FINANCE -- 3.2%
$ 2,000 LB UBS Commercial Mortgage Trust,
4.74%, 2-15-2041................................ $ 1,982
3,000 CS First Boston Mortgage Securities Corp.,
4.83%, 11-15-2037............................... 2,993
3,000 GMAC Commercial Mortgage Securities, Inc.,
4.86%, 12-10-2041............................... 2,999
--------
Total asset backed and commercial mortgage
securities (cost $8,086)........................ $ 7,974
--------
U.S. GOVERNMENT SECURITIES -- 27.2%
OTHER DIRECT FEDERAL OBLIGATIONS -- 3.4%
FEDERAL HOME LOAN BANK:
7,750 5.75% 2012........................................ 8,382
--------
U.S. TREASURY SECURITIES -- 23.8%
NOTES:
10,000 1.625% 2015 J..................................... 10,073
17,000 3.00% 2008-2012 JH................................ 18,217
17,000 3.625% 2010 H..................................... 16,810
5,600 4.00% 2015........................................ 5,509
4,200 4.75% 2014........................................ 4,378
4,500 5.00% 2011 H...................................... 4,751
--------
59,738
--------
Total U.S. government securities (cost $68,191)... $ 68,120
--------
U.S. GOVERNMENT AGENCIES -- 68.0%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 30.0%
MORTGAGE BACKED SECURITIES:
4,177 5.50% 2032........................................ 4,230
2,238 6.00% 2032........................................ 2,299
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
$ 117 7.00% 2029-2031................................... $ 123
138 9.00% 2022........................................ 152
104 11.50% 2015-2019.................................. 115
117 11.75% 2010-2011.................................. 129
28 12.50% 2019....................................... 30
--------
7,078
--------
NOTES:
15,000 5.25% 2012........................................ 15,097
--------
REMIC -- PAC'S:
7,000 5.50% 2029........................................ 7,054
14,490 6.00% 2021........................................ 15,008
9,712 6.50% 2031........................................ 10,126
--------
32,188
--------
REMIC -- Z BONDS:
19,448 6.50% 2032........................................ 20,668
--------
75,031
--------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 31.5%
MORTGAGE BACKED SECURITIES:
12,430 5.50% 2015-2032................................... 12,584
2,223 5.85% 2009........................................ 2,320
2,765 5.89% 2008........................................ 2,885
3,489 6.00% 2016-2031................................... 3,603
1,336 6.01% 2009........................................ 1,400
1,072 6.36% 2008........................................ 1,121
1,256 6.50% 2013-2015................................... 1,313
5,563 6.52% 2008........................................ 5,810
5,829 7.18% 2006........................................ 6,006
142 7.50% 2030........................................ 152
34 8.00% 2025........................................ 37
52 8.50% 2022........................................ 57
43 9.00% 2020........................................ 47
56 9.75% 2020........................................ 62
189 10.00% 2020....................................... 213
51 10.50% 2012-2018.................................. 57
15 10.75% 2013....................................... 15
278 11.00% 2015-2020.................................. 311
57 11.25% 2013....................................... 61
12 11.50% 2015....................................... 13
52 12.00% 2011-2014.................................. 58
102 12.50% 2015....................................... 114
--------
38,239
--------
NOTES:
1,110 5.00% 2015........................................ 1,146
10,500 6.25% 2029........................................ 12,373
--------
13,519
--------
REMIC -- PAC'S:
5,000 5.00% 2022........................................ 5,023
11,331 6.00% 2016........................................ 11,846
9,904 6.50% 2012-2032................................... 10,378
27,247
--------
79,005
--------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 6.5%
8,000 6.50% 2032........................................ 8,396
--------
MORTGAGE BACKED SECURITIES:
763 6.00% 2034........................................ 786
5,907 6.50% 2031-2032................................... 6,188
88 7.00% 2030........................................ 93
150 8.00% 2022........................................ 163
593 9.50% 2016-2019................................... 657
48 11.00% 2015-2018.................................. 53
--------
7,940
--------
16,336
--------
Total U.S. government agencies ...................
(cost $168,132) $170,372
--------
Total long-term investments ......................
(cost $244,409) $246,466
--------
</Table>
The accompanying notes are an integral part of these financial statements.
168
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- 12.1%
FINANCE -- 0.8%
$ 674 BNP Paribas Repurchase Agreement, ................
2.83% 5-2-2005 $ 674
731 UBS Warburg LLC Repurchase Agreement, ............
2.84%, 5-2-2005 731
622 RBS Greenwich Repurchase Agreement, ..............
2.84%, 5-2-2005 622
--------
2,027
--------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 11.3%
28,283 BNY Institutional Cash Reserve Fund............... 28,283
--------
Total short-term investments .....................
(cost $30,310) $ 30,310
--------
Total investments in securities ..................
(cost $274,719) O $276,776
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $274,719 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 3,294
Unrealized depreciation......................... (1,237)
-------
Net unrealized appreciation..................... $ 2,057
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
J 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.
H Security is fully or partially on loan at April 30, 2005.
The accompanying notes are an integral part of these financial statements.
169
THE HARTFORD VALUE FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 97.2%
BASIC MATERIALS -- 8.2%
87 Alcoa, Inc. ...................................... $ 2,510
43 Dow Chemical Co. ................................. 1,993
51 DuPont (E.I.) de Nemours & Co. ................... 2,417
41 Huntsman Corp. B.................................. 867
21 Kimberly-Clark Corp. ............................. 1,336
18 Precision Castparts Corp. ........................ 1,319
--------
10,442
--------
CAPITAL GOODS -- 5.7%
20 General Dynamics Corp. ........................... 2,069
12 Illinois Tool Works, Inc. ........................ 1,039
12 Parker-Hannifin Corp. ............................ 743
26 Rockwell Automation, Inc. ........................ 1,179
107 Teradyne, Inc. B.................................. 1,182
34 Tyco International Ltd. .......................... 1,049
--------
7,261
--------
CONSUMER CYCLICAL -- 7.6%
47 Caterpillar, Inc. ................................ 4,094
68 Dollar General Corp. ............................. 1,376
55 McDonald's Corp. ................................. 1,606
22 NIKE, Inc. Class B................................ 1,674
23 Wendy's International, Inc. ...................... 979
--------
9,729
--------
CONSUMER STAPLES -- 3.9%
46 Kellogg Co. ...................................... 2,081
53 PepsiCo, Inc. .................................... 2,938
--------
5,019
--------
ENERGY -- 10.3%
36 ConocoPhillips.................................... 3,753
111 Exxon Mobil Corp. ................................ 6,342
82 GlobalSantaFe Corp. .............................. 2,755
7 Progress Energy, Inc. ............................ 294
--------
13,144
--------
FINANCE -- 24.3%
26 ACE Ltd. ......................................... 1,100
121 Bank of America Corp. ............................ 5,427
20 Chubb Corp. ...................................... 1,595
125 Citigroup, Inc. .................................. 5,851
32 Golden West Financial Corp. ...................... 1,970
26 Goldman Sachs Group, Inc. ........................ 2,798
53 J.P. Morgan Chase & Co. .......................... 1,864
62 National City Corp. .............................. 2,092
16 PNC Financial Services Group, Inc. ............... 868
30 Principal Financial Group, Inc. .................. 1,172
17 SunTrust Banks, Inc. ............................. 1,245
13 Washington Mutual, Inc. .......................... 556
21 Wellpoint, Inc. B................................. 2,721
30 Wells Fargo & Co. ................................ 1,780
--------
31,039
--------
HEALTH CARE -- 8.9%
51 Baxter International, Inc. ....................... 1,899
61 CVS Corp. ........................................ 3,167
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
HEALTH CARE -- (CONTINUED)
81 Pfizer, Inc. ..................................... $ 2,191
46 Watson Pharmaceuticals, Inc. B.................... 1,371
60 Wyeth............................................. 2,683
--------
11,311
--------
SERVICES -- 2.2%
70 Comcast Corp. Class A B........................... 2,232
14 Manpower, Inc. ................................... 544
--------
2,776
--------
TECHNOLOGY -- 12.5%
52 Applied Materials, Inc. B......................... 773
39 AT&T Corp. ....................................... 737
18 Beckman Coulter, Inc. ............................ 1,174
89 BellSouth Corp. .................................. 2,368
34 Emerson Electric Co. ............................. 2,125
44 Intel Corp. ...................................... 1,030
37 Lam Research Corp. B.............................. 957
79 Nokia Oyj ADR..................................... 1,259
51 SBC Communications, Inc. ......................... 1,214
39 Scientific-Atlanta, Inc. ......................... 1,187
72 Sprint Corp. ..................................... 1,603
91 Time Warner, Inc. B............................... 1,528
--------
15,955
--------
TRANSPORTATION -- 5.2%
60 CSX Corp. ........................................ 2,416
38 Shell Transport & Trading Co. plc ADR............. 2,036
146 Southwest Airlines Co. ........................... 2,177
--------
6,629
--------
UTILITIES -- 8.4%
25 Dominion Resources, Inc. ......................... 1,904
24 Entergy Corp. .................................... 1,789
72 Exelon Corp. ..................................... 3,564
23 PPL Corp. ........................................ 1,264
23 SCANA Corp. ...................................... 909
16 TXU Corp. ........................................ 1,407
--------
10,837
--------
Total common stock
(cost $110,770)................................. $124,142
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 4.3%
FINANCE -- 4.3%
$ 891 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 891
150 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 150
1,504 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 1,504
</Table>
The accompanying notes are an integral part of these financial statements.
170
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SHORT-TERM INVESTMENTS -- (CONTINUED)
FINANCE -- (CONTINUED)
$1,029 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. $ 1,029
347 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 347
1,550 UBS Warburg Securities, LLC Joint Repurchase
Agreement,
2.96%, 5-2-2005................................. 1,550
--------
Total short-term investments
(cost $5,471)................................... $ 5,471
--------
Total investments in securities
(cost $116,241) O............................... $129,613
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets. Market value of investments in foreign securities
represents 2.58% of total net asset at April 30, 2005.
<Table>
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax purposes
is $116,497 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................ $ 15,809
Unrealized depreciation........................ (2,693)
--------
Net unrealized appreciation.................... $ 13,116
========
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of these financial statements.
171
THE HARTFORD VALUE OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 97.7%
BASIC MATERIALS -- 8.2 %
10 Akzo Nobel N.V. .................................. $ 402
114 Alcoa, Inc. ...................................... 3,320
24 Aracruz Celulose S.A. ADR......................... 740
20 Arch Coal, Inc. .................................. 882
14 Engelhard Corp. .................................. 420
63 Michelin (C.G.D.E.) Class B....................... 3,835
41 Pactiv Corp. B.................................... 883
200 Sappi Ltd. ADR.................................... 1,993
23 Smurfit-Stone Container Corp. B................... 299
--------
12,774
--------
CAPITAL GOODS -- 3.5%
58 Goodrich Corp. ................................... 2,325
3 IHC Caland N.V. .................................. 206
20 Parker-Hannifin Corp. ............................ 1,169
77 Teradyne, Inc. B.................................. 849
28 Tyco International Ltd. .......................... 870
--------
5,419
--------
CONSUMER CYCLICAL -- 11.8%
80 American Axle & Manufacturing Holdings, Inc. ..... 1,601
2 Blockbuster, Inc. Class A......................... 22
56 CBRL Group, Inc. ................................. 2,146
170 Foot Locker, Inc. ................................ 4,522
52 Lear Corp. ....................................... 1,769
49 Newell Rubbermaid, Inc. .......................... 1,063
94 Rinker Group Ltd. ................................ 843
17 Ross Stores, Inc. ................................ 467
122 Ruby Tuesday, Inc. ............................... 2,738
40 TJX Companies, Inc. .............................. 915
127 TRW Automotive Holdings Corp. B................... 2,262
--------
18,348
--------
ENERGY -- 6.8%
22 Devon Energy Corp. ............................... 1,012
28 GlobalSantaFe Corp. .............................. 954
51 Marathon Oil Corp. ............................... 2,366
32 Noble Corp. ...................................... 1,624
32 Talisman Energy, Inc. ............................ 974
33 Total S.A. ADR.................................... 3,604
--------
10,534
--------
FINANCE -- 31.0%
71 ACE Ltd. ......................................... 3,050
46 AMBAC Financial Group, Inc. ...................... 3,062
201 Apollo Investment Corp. .......................... 3,193
138 Bank of America Corp. ............................ 6,223
47 Capital One Financial Corp. ...................... 3,318
34 CB Richard Ellis Group, Inc. Class A B............ 1,171
91 CIT Group, Inc. .................................. 3,657
127 Citigroup, Inc. .................................. 5,953
28 Everest Re Group Ltd. ............................ 2,269
22 Federal Home Loan Mortgage Corp. ................. 1,341
29 Federal National Mortgage Association............. 1,543
172 MBNA Corp. ....................................... 3,401
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
FINANCE -- (CONTINUED)
56 Platinum Underwriters Holdings Ltd. .............. $ 1,658
11 Radian Group, Inc. ............................... 498
21 Reinsurance Group of America...................... 953
65 RenaissanceRe Holdings Ltd. ADR................... 2,910
65 Rent-A-Center, Inc. B............................. 1,565
78 Royal Bank of Scotland Group plc.................. 2,341
--------
48,106
--------
HEALTH CARE -- 10.5%
1 Biovail Corp. B................................... 15
35 Coventry Health Care, Inc. B...................... 2,382
45 Endo Pharmaceuticals Holdings, Inc. B............. 891
45 GlaxoSmithKline plc............................... 1,132
38 GlaxoSmithKline plc ADR........................... 1,931
4 King Pharmaceuticals, Inc. B...................... 31
68 Pfizer, Inc. ..................................... 1,850
9 Sanofi-Aventis S.A. .............................. 779
101 Sanofi-Aventis S.A. ADR........................... 4,473
64 Wyeth............................................. 2,885
--------
16,369
--------
SERVICES -- 4.3%
10 Comcast Corp. Class A B........................... 334
94 Comcast Corp. Special Class A B................... 2,989
90 Dex Media, Inc. .................................. 1,978
146 UnitedGlobalCom, Inc. Class A B................... 1,310
--------
6,611
--------
TECHNOLOGY -- 16.9%
72 Arrow Electronics, Inc. B......................... 1,743
161 Cinram International, Inc. ....................... 3,344
211 Cisco Systems, Inc. B............................. 3,639
97 Fairchild Semiconductor International, Inc. B..... 1,310
51 Freescale Semiconductor, Inc. Class A B........... 949
68 Lam Research Corp. B.............................. 1,731
80 Microsoft Corp. .................................. 2,034
52 Nextel Communications, Inc. Class A B............. 1,444
48 Scientific-Atlanta, Inc. ......................... 1,480
73 Seagate Technology B.............................. 1,275
32 Sprint Corp. ..................................... 703
45 Tektronix, Inc. .................................. 981
22 Telefonaktiebolaget LM Ericsson ADR............... 642
103 Time Warner, Inc. B............................... 1,731
45 Varian Semiconductor Equipment Associates, Inc.
B............................................... 1,663
63 Vishay Intertechnology, Inc. B.................... 671
16 Whirlpool Corp. .................................. 962
--------
26,302
--------
TRANSPORTATION -- 2.7%
75 AMR Corp. BH...................................... 789
60 Continental Airlines, Inc. Class B BH............. 709
29 Pinnacle Airlines Corp. BH........................ 296
50 Yellow Roadway Corp. BH........................... 2,465
--------
4,259
--------
</Table>
The accompanying notes are an integral part of these financial statements.
172
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE U
- --------- --------
COMMON STOCK -- 97.7 -- (CONTINUED)
UTILITIES -- 2.0%
20 Constellation Energy Group, Inc. ................. $ 1,030
12 PPL Corp. ........................................ 673
17 TXU Corp. ........................................ 1,467
--------
3,170
--------
Total common stock
(cost $145,171)................................. $151,892
--------
PREFERRED STOCKS -- 0.6%
ENERGY -- 0.6%
25 Petroleo Brasileiro S.A. ADR...................... $ 926
--------
Total preferred stocks
(Cost $708)..................................... $ 926
--------
Total long-term securities
(Cost $145,879)................................. $152,818
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 4.1%
FINANCE -- 2.0%
$ 508 CS First Boston Joint Repurchase Agreement,
2.97%, 5-2-2005................................. $ 508
86 Deutsche Bank Securities Joint Repurchase
Agreement,
2.90%, 5-2-2005................................. 86
857 Deutsche Bank Securities Joint Repurchase
Agreement,
2.97%, 5-2-2005................................. 857
587 J.P. Morgan Chase Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 587
198 UBS Securities, LLC Joint Repurchase Agreement,
2.95%, 5-2-2005................................. 198
883 UBS Securities, LLC Joint Repurchase Agreement,
2.96%, 5-2-2005................................. 883
--------
3,119
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE U
- --------- --------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITY
LENDING -- 2.1%
$3,285 BNY Institutional Cash Reserve Fund............... $ 3,285
--------
Total short-term investments
(Cost $6,404)................................... $ 6,404
--------
Total Investments in Securities (Cost $152,283)
O............................................... $159,222
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market
value to total net assets. Market value of investments in foreign
securities represents 18.13% of total net assets at April 30, 2005.
The aggregate value of securities valued in good faith at fair value by,
or under the direction of, the Funds' Board of Directors at April 30,
2005, was $9,538, which represents 6.14% of total net assets.
B Currently non-income producing.
O At April 30, 2005, the cost of securities for federal income tax
purposes is $152,516 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $14,530
Unrealized depreciation......................... (7,824)
-------
Net unrealized appreciation..................... $ 6,706
=======
</Table>
U See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
H Security is fully or partially on loan at April 30, 2005.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2005
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION TRANSACTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ----------- ------ -------- -------- --------------
Euro Buy $ 305 $ 307 5/2/2005 $(2)
Euro Buy 377 378 5/3/2005 (1)
British Pound Buy 1,126 1,127 5/4/2005 (1)
----
$(4)
====
</Table>
The accompanying notes are an integral part of these financial statements.
173
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2005 (UNAUDITED) (000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
AGGRESSIVE GROWTH
ADVISERS FUND ALLOCATION FUND*
------------- -----------------
ASSETS
Investments in securities, at value; (amortized cost for Money
Market)@........................................................... $ 2,614,803 $ 66,077
Cash................................................................. -- 289
Foreign currency on deposit with custodian#.......................... -- --
Unrealized appreciation in forward foreign currency contracts........ -- --
Receivables:
Investment securities sold......................................... 1,619 --
Fund shares sold................................................... 550 289
Dividends and interest............................................. 8,383 --
Futures contracts.................................................. -- --
Other assets......................................................... 110 60
------------- -------------
Total assets.......................................................... 2,625,465 66,715
------------- -------------
LIABILITIES
Unrealized depreciation on forward foreign currency contracts........ -- --
Bank overdraft -- U.S. Dollars....................................... 2,544 --
Bank overdraft -- foreign cash....................................... -- --
Payable upon return of securities loaned (Note 2d)................... 421,499 --
Payables:
Investment securities purchased.................................... 9,520 --
Fund shares redeemed............................................... 2,321 14
Dividends.......................................................... -- --
Investment advisory and management fees (Note 3)................... 194 2
Distribution fees (Note 3)......................................... 154 5
Futures contracts.................................................. -- --
Accrued expenses..................................................... 915 24
Other liabilities.................................................... 3 1
------------- -------------
Total liabilities..................................................... 437,150 46
------------- -------------
Net assets............................................................ $ 2,188,315 $ 66,669
============= =============
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital..................................... $ 2,363,071 $ 66,616
Accumulated undistributed (distribution in excess of) net investment
income (loss)........................................................ 2,481 (132)
Accumulated net realized gain (loss) on investments and foreign
currency transactions................................................ (273,793) 32
Unrealized appreciation (depreciation) of investments and the
translations of assets and liabilities denominated in foreign
currency............................................................. 96,556 153
------------- -------------
Net assets............................................................ $ 2,188,315 $ 66,669
============= =============
Shares authorized..................................................... 760,000 300,000
------------- -------------
Par value............................................................. $ 0.001 $ 0.001
------------- -------------
CLASS A: Net asset value per share/Maximum offering price per share... $14.69/$15.54 $10.64/$11.26
------------- -------------
Shares outstanding........................................... 95,312 3,223
------------- -------------
Net assets................................................... 1,399,940 34,293
------------- -------------
CLASS B: Net asset value per share.................................... $ 14.54 $ 10.59
------------- -------------
Shares outstanding........................................... 33,535 1,319
------------- -------------
Net assets................................................... 487,724 13,973
------------- -------------
CLASS C: Net asset value per share.................................... $ 14.68 $ 10.59
------------- -------------
Shares outstanding........................................... 19,485 1,739
------------- -------------
Net assets................................................... 286,082 18,403
------------- -------------
CLASS E: Net asset value per share/Maximum offering price per share... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS H: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS L: Net asset value per share/Maximum offering price per share... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS M: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS N: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS Y: Net asset value per share.................................... $ 14.84 --
------------- -------------
Shares outstanding........................................... 982 --
------------- -------------
Net assets................................................... 14,569 --
------------- -------------
CLASS Z: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
@ Cost of securities.................................................. $ 2,518,057 $ 65,924
------------- -------------
@ Market value of securities on loan.................................. $ 414,938 $ --
------------- -------------
# Cost of foreign currency on deposit with custodian................. $ -- $ --
------------- -------------
</Table>
* Relates to investments in affiliated investment companies.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
174
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
<Table>
<Caption>
BALANCED ALLOCATION CAPITAL APPRECIATION CONSERVATIVE ALLOCATION DISCIPLINED EQUITY DIVIDEND AND EQUITY INCOME
FUND* FUND FUND* FUND GROWTH FUND FUND
------------------- -------------------- ----------------------- ------------------ ------------- -------------
$ 288,094 $ 9,097,204 $ 91,419 $ 353,501 $ 2,775,662 $ 385,826
1,392 2,523 281 -- 570 734
-- 2,131 -- -- -- --
-- 15 -- -- -- --
-- 84,757 -- 3,770 7,089 --
1,601 15,270 477 22 1,892 750
11 9,903 7 292 4,146 660
-- -- -- -- -- --
130 490 50 49 156 137
------------- ------------- ------------- ------------- ------------- -------------
291,228 9,212,293 92,234 357,634 2,789,515 388,107
------------- ------------- ------------- ------------- ------------- -------------
-- 82 -- -- -- --
-- -- -- 164 -- --
-- -- -- -- -- --
-- 835,031 -- -- 47,833 --
-- 120,658 -- 3,650 10,311 1,687
155 4,624 -- 287 1,434 140
-- -- -- -- -- --
8 747 2 39 237 42
22 591 7 19 154 21
-- -- -- -- -- --
63 3,575 22 158 987 119
@@ 12 1 @@ 9 5
------------- ------------- ------------- ------------- ------------- -------------
248 965,320 32 4,317 60,965 2,014
------------- ------------- ------------- ------------- ------------- -------------
$ 290,980 $ 8,246,973 $ 92,202 $ 353,317 $ 2,728,550 $ 386,093
============= ============= ============= ============= ============= =============
$ 289,548 $ 7,184,914 $ 91,689 $ 425,036 $ 2,396,078 $ 362,421
149 14,651 121 206 2,593 795
591 508,409 324 (97,585) 49,374 (3,276)
692 538,999 68 25,660 280,505 26,153
------------- ------------- ------------- ------------- ------------- -------------
$ 290,980 $ 8,246,973 $ 92,202 $ 353,317 $ 2,728,550 $ 386,093
============= ============= ============= ============= ============= =============
300,000 620,000 300,000 300,000 500,000 300,000
------------- ------------- ------------- ------------- ------------- -------------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
------------- ------------- ------------- ------------- ------------- -------------
$10.44/$11.05 $32.30/$34.18 $10.31/$10.91 $11.08/$11.72 $18.27/$19.33 $11.86/$12.55
------------- ------------- ------------- ------------- ------------- -------------
16,487 154,851 5,643 20,618 109,608 25,909
------------- ------------- ------------- ------------- ------------- -------------
172,083 5,002,072 58,181 228,401 2,002,584 307,160
------------- ------------- ------------- ------------- ------------- -------------
$ 10.42 $ 30.11 $ 10.30 $ 10.62 $ 18.03 $ 11.83
------------- ------------- ------------- ------------- ------------- -------------
4,777 50,705 1,011 3,944 18,940 2,346
------------- ------------- ------------- ------------- ------------- -------------
49,758 1,526,551 10,417 41,882 341,387 27,750
------------- ------------- ------------- ------------- ------------- -------------
$ 10.41 $ 30.19 $ 10.30 $ 10.63 $ 18.00 $ 11.84
------------- ------------- ------------- ------------- ------------- -------------
6,640 50,907 2,291 3,394 15,779 4,257
------------- ------------- ------------- ------------- ------------- -------------
69,139 1,536,630 23,604 36,077 283,986 50,404
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- $ 33.95 -- $ 11.38 $ 18.46 $ 11.91
------------- ------------- ------------- ------------- ------------- -------------
-- 5,352 -- 4,128 5,450 65
------------- ------------- ------------- ------------- ------------- -------------
-- 181,720 -- 46,957 100,593 779
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
$ 287,402 $ 8,558,269 $ 91,351 $ 327,841 $ 2,495,157 $ 359,673
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ 804,383 $ -- $ -- $ 46,650 $ --
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ 2,113 $ -- $ -- $ -- $ --
------------- ------------- ------------- ------------- ------------- -------------
</Table>
175
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED) (000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL
FOCUS COMMUNICATIONS
FUND FUND
----------- --------------
ASSETS
Investments in securities, at value; (amortized cost for Money
Market)@............................................................. $ 93,717 $ 16,727
Cash................................................................. -- 57
Foreign currency on deposit with custodian#.......................... -- 9
Unrealized appreciation in forward foreign currency contracts........ -- --
Receivables:
Investment securities sold......................................... -- --
Fund shares sold................................................... 6 21
Dividends and interest............................................. 104 126
Futures contracts.................................................. -- --
Other assets......................................................... 30 37
----------- -----------
Total assets.......................................................... 93,857 16,977
----------- -----------
LIABILITIES
Unrealized depreciation on forward foreign currency contracts........ -- --
Bank overdraft -- U.S. Dollars....................................... 141 --
Bank overdraft -- foreign cash....................................... -- --
Payable upon return of securities loaned (Note 2d)................... -- 2,305
Payables:
Investment securities purchased.................................... 2,635 --
Fund shares redeemed............................................... 192 3
Dividends.......................................................... -- --
Investment advisory and management fees (Note 3)................... 12 2
Distribution fees (Note 3)......................................... 7 1
Futures contracts.................................................. -- --
Accrued expenses..................................................... 51 11
Other liabilities.................................................... @@ @@
----------- -----------
Total liabilities..................................................... 3,038 2,322
----------- -----------
Net assets............................................................ $ 90,819 $ 14,655
=========== ===========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital..................................... $ 104,965 $ 17,643
Accumulated undistributed (distribution in excess of) net investment
income (loss)........................................................ 435 72
Accumulated net realized gain (loss) on investments and foreign
currency transactions................................................ (14,575) (4,431)
Unrealized appreciation (depreciation) of investments and the
translations of assets and liabilities denominated in foreign
currency............................................................. (6) 1,371
----------- -----------
Net assets............................................................ $ 90,819 $ 14,655
=========== ===========
Shares authorized..................................................... 300,000 300,000
----------- -----------
Par value............................................................. $ 0.001 $ 0.001
----------- -----------
CLASS A: Net asset value per share/Maximum offering price per share... $9.36/$9.90 $5.89/$6.23
----------- -----------
Shares outstanding........................................... 5,926 1,833
----------- -----------
Net assets................................................... 55,458 10,795
----------- -----------
CLASS B: Net asset value per share.................................... $ 9.10 $ 5.74
----------- -----------
Shares outstanding........................................... 1,774 328
----------- -----------
Net assets................................................... 16,148 1,881
----------- -----------
CLASS C: Net asset value per share.................................... $ 9.11 $ 5.74
----------- -----------
Shares outstanding........................................... 2,059 313
----------- -----------
Net assets................................................... 18,752 1,795
----------- -----------
CLASS E: Net asset value per share/Maximum offering price per share... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
CLASS H: Net asset value per share.................................... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
CLASS L: Net asset value per share/Maximum offering price per share... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
CLASS M: Net asset value per share.................................... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
CLASS N: Net asset value per share.................................... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
CLASS Y: Net asset value per share.................................... $ 9.51 $ 6.00
----------- -----------
Shares outstanding........................................... 48 30
----------- -----------
Net assets................................................... 461 184
----------- -----------
CLASS Z: Net asset value per share.................................... -- --
----------- -----------
Shares outstanding........................................... -- --
----------- -----------
Net assets................................................... -- --
----------- -----------
@ Cost of securities.................................................. $ 93,723 $ 15,359
----------- -----------
@ Market value of securities on loan.................................. $ -- $ 2,205
----------- -----------
# Cost of foreign currency on deposit with custodian................. $ -- $ 9
----------- -----------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
176
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL GROWTH
GLOBAL FINANCIAL GLOBAL HEALTH GLOBAL LEADERS TECHNOLOGY ALLOCATION
SERVICES FUND FUND FUND FUND FUND* GROWTH FUND
------------- ------------- -------------- ----------- ------------- -------------
$ 23,304 $ 518,045 $ 766,761 $ 49,289 $ 236,264 $ 1,118,303
-- -- -- -- 1,163 2,451
-- @@ 550 38 -- --
-- -- 38 -- -- --
30 -- 32,087 1,334 -- 5,355
1 242 383 8 2,212 2,138
135 447 2,110 4 -- 430
-- -- -- -- -- --
37 116 185 64 139 196
------------- ------------- ------------- ----------- ------------- -------------
23,507 518,850 802,114 50,737 239,778 1,128,873
------------- ------------- ------------- ----------- ------------- -------------
-- -- 38 -- -- --
3 98 3,290 31 -- --
2 -- -- -- -- --
3,605 56,636 114,270 390 -- 87,110
29 -- 8,042 1,267 -- 12,795
12 187 416 43 150 742
-- -- -- -- -- --
3 42 76 7 6 104
1 24 37 4 19 49
-- -- -- -- -- --
15 176 400 53 63 316
@@ 8 1 @@ @@ 6
------------- ------------- ------------- ----------- ------------- -------------
3,670 57,171 126,570 1,795 238 101,122
------------- ------------- ------------- ----------- ------------- -------------
$ 19,837 $ 461,679 $ 675,544 $ 48,942 $ 239,540 $ 1,027,751
============= ============= ============= =========== ============= =============
$ 18,638 $ 432,292 $ 673,589 $ 108,650 $ 239,160 $ 1,019,427
101 (1,178) 2,002 195 (95) (119)
(680) 18,380 (13,306) (59,810) 71 (29,801)
1,778 12,185 13,259 (93) 404 38,244
------------- ------------- ------------- ----------- ------------- -------------
$ 19,837 $ 461,679 $ 675,544 $ 48,942 $ 239,540 $ 1,027,751
============= ============= ============= =========== ============= =============
300,000 300,000 300,000 300,000 300,000 21,000,000
------------- ------------- ------------- ----------- ------------- -------------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.0001
------------- ------------- ------------- ----------- ------------- -------------
$10.74/$11.37 $15.02/$15.89 $15.88/$16.80 $4.28/$4.53 $10.57/$11.19 $16.06/$16.99
------------- ------------- ------------- ----------- ------------- -------------
1,248 11,858 28,062 6,138 12,527 34,323
------------- ------------- ------------- ----------- ------------- -------------
13,396 178,096 445,553 26,251 132,436 551,122
------------- ------------- ------------- ----------- ------------- -------------
$ 10.58 $ 14.44 $ 15.12 $ 4.12 $ 10.53 $ 14.32
------------- ------------- ------------- ----------- ------------- -------------
297 4,611 5,507 2,786 4,082 2,805
------------- ------------- ------------- ----------- ------------- -------------
3,142 66,581 83,275 11,475 42,989 40,152
------------- ------------- ------------- ----------- ------------- -------------
$ 10.58 $ 14.44 $ 15.19 $ 4.12 $ 10.53 $ 14.33
------------- ------------- ------------- ----------- ------------- -------------
246 4,360 5,125 2,539 6,090 4,629
------------- ------------- ------------- ----------- ------------- -------------
2,605 62,974 77,844 10,464 64,115 66,337
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- $ 14.43
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 1,421
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 20,501
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- $16.20/$17.01
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 17,909
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 290,175
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- $ 14.41
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 1,333
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 19,218
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- $ 14.41
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 295
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- 4,247
------------- ------------- ------------- ----------- ------------- -------------
$ 10.83 $ 15.48 $ 16.46 $ 4.37 -- $ 16.32
------------- ------------- ------------- ----------- ------------- -------------
64 9,950 4,184 172 -- 2,206
------------- ------------- ------------- ----------- ------------- -------------
694 154,028 68,872 752 -- 35,999
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ----------- ------------- -------------
$ 21,526 $ 505,866 $ 753,541 $ 49,382 $ 235,860 $ 1,080,059
------------- ------------- ------------- ----------- ------------- -------------
$ 3,444 $ 54,616 $ 109,951 $ 364 $ -- $ 85,704
------------- ------------- ------------- ----------- ------------- -------------
$ 2 @@ $ 531 $ 37 $ -- $ --
------------- ------------- ------------- ----------- ------------- -------------
</Table>
177
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED) (000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROWTH
OPPORTUNITIES HIGH YIELD
FUND FUND
------------- -----------
ASSETS
Investments in securities, at value; (amortized cost for Money
Market)@........................................................... $ 857,655 $ 377,387
Cash................................................................. -- --
Foreign currency on deposit with custodian#.......................... -- 577
Unrealized appreciation in forward foreign currency contracts........ -- --
Receivables:
Investment securities sold......................................... 21,219 3,268
Fund shares sold................................................... 212 66
Dividends and interest............................................. 940 7,520
Futures contracts.................................................. -- --
Other assets......................................................... 130 31
------------- -----------
Total assets.......................................................... 880,156 388,849
------------- -----------
LIABILITIES
Unrealized depreciation on forward foreign currency contracts........ -- --
Bank overdraft -- U.S. Dollars....................................... 210 61
Bank overdraft -- foreign cash....................................... 1 --
Payable upon return of securities loaned (Note 2d)................... 97,619 44,983
Payables:
Investment securities purchased.................................... 33,351 4,262
Fund shares redeemed............................................... 97 292
Dividends.......................................................... -- --
Investment advisory and management fees (Note 3)................... 78 35
Distribution fees (Note 3)......................................... 34 22
Futures contracts.................................................. -- --
Accrued expenses..................................................... 176 136
Other liabilities.................................................... 6 1
------------- -----------
Total liabilities..................................................... 131,572 49,792
------------- -----------
Net assets............................................................ $ 748,584 $ 339,057
============= ===========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital..................................... $ 712,842 $ 422,884
Accumulated undistributed (distribution in excess of) net investment
income (loss)........................................................ (1,193) (44)
Accumulated net realized gain (loss) on investments and foreign
currency transactions................................................ 2,305 (77,619)
Unrealized appreciation (depreciation) of investments and the
translations of assets and liabilities denominated in foreign
currency............................................................. 34,630 (6,164)
------------- -----------
Net assets............................................................ $ 748,584 $ 339,057
============= ===========
Shares authorized..................................................... 19,250,000 300,000
------------- -----------
Par value............................................................. $ 0.0001 $ 0.001
------------- -----------
CLASS A: Net asset value per share/Maximum offering price per share... $23.63/$25.01 $7.81/$8.18
------------- -----------
Shares outstanding........................................... 5,044 26,660
------------- -----------
Net assets................................................... 119,200 208,145
------------- -----------
CLASS B: Net asset value per share.................................... $ 20.81 $ 7.79
------------- -----------
Shares outstanding........................................... 712 6,880
------------- -----------
Net assets................................................... 14,826 53,627
------------- -----------
CLASS C: Net asset value per share.................................... $ 20.81 $ 7.80
------------- -----------
Shares outstanding........................................... 679 7,435
------------- -----------
Net assets................................................... 14,126 57,999
------------- -----------
CLASS E: Net asset value per share/Maximum offering price per share... -- --
------------- -----------
Shares outstanding........................................... -- --
------------- -----------
Net assets................................................... -- --
------------- -----------
CLASS H: Net asset value per share.................................... $ 20.99 --
------------- -----------
Shares outstanding........................................... 1,689 --
------------- -----------
Net assets................................................... 35,439 --
------------- -----------
CLASS L: Net asset value per share/Maximum offering price per share... $23.88/$25.07 --
------------- -----------
Shares outstanding........................................... 20,828 --
------------- -----------
Net assets................................................... 497,313 --
------------- -----------
CLASS M: Net asset value per share.................................... $ 20.96 --
------------- -----------
Shares outstanding........................................... 990 --
------------- -----------
Net assets................................................... 20,757 --
------------- -----------
CLASS N: Net asset value per share.................................... $ 20.96 --
------------- -----------
Shares outstanding........................................... 230 --
------------- -----------
Net assets................................................... 4,830 --
------------- -----------
CLASS Y: Net asset value per share.................................... $ 24.02 $ 7.80
------------- -----------
Shares outstanding........................................... 518 2,472
------------- -----------
Net assets................................................... 12,439 19,286
------------- -----------
CLASS Z: Net asset value per share.................................... $ 24.87 --
------------- -----------
Shares outstanding........................................... 1,192 --
------------- -----------
Net assets................................................... 29,654 --
------------- -----------
@ Cost of securities.................................................. $ 823,026 $ 383,299
------------- -----------
@ Market value of securities on loan.................................. $ 95,401 $ 41,974
------------- -----------
# Cost of foreign currency on deposit with custodian................. $ (1) $ 504
------------- -----------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
178
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL INTERNATIONAL INTERNATIONAL
INCOME ALLOCATION INFLATION PLUS CAPITAL APPRECIATION OPPORTUNITIES SMALL COMPANY
FUND* INCOME FUND FUND FUND FUND FUND
----------------- ------------- -------------- -------------------- ------------- -------------
$ 25,533 $ 48,894 $ 917,636 $ 253,068 $ 168,535 $ 130,349
39 -- 1,025 330 -- 155
-- 16 16 37 28 --
-- -- -- @@ 57 370
-- 176 -- 2,609 923 252
186 1 5,442 799 68 148
6 558 5,394 511 831 535
-- -- -- -- -- --
34 39 223 179 78 56
------------- ------------- ------------- ------------- ------------- -------------
25,798 49,684 929,736 257,533 170,520 131,865
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- 11 9 348
-- 15 -- -- 34 --
-- -- -- -- -- 1
-- -- -- 49,131 30,954 22,605
-- 580 3,999 1,812 1,192 1,214
13 82 967 366 55 115
-- -- -- -- -- --
1 4 72 28 16 15
2 2 80 10 9 3
-- -- -- -- -- --
9 20 225 75 118 67
@@ @@ 2 @@ 1 @@
------------- ------------- ------------- ------------- ------------- -------------
25 703 5,345 51,433 32,388 24,368
------------- ------------- ------------- ------------- ------------- -------------
$ 25,773 $ 48,981 $ 924,391 $ 206,100 $ 138,132 $ 107,497
============= ============= ============= ============= ============= =============
$ 25,951 $ 48,955 $ 898,462 $ 201,744 $ 157,339 $ 100,414
4 35 (500) 781 269 804
41 (160) 176 491 (28,284) 5,531
(223) 151 26,253 3,084 8,808 748
------------- ------------- ------------- ------------- ------------- -------------
$ 25,773 $ 48,981 $ 924,391 $ 206,100 $ 138,132 $ 107,497
============= ============= ============= ============= ============= =============
300,000 300,000 400,000 300,000 300,000 300,000
------------- ------------- ------------- ------------- ------------- -------------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
------------- ------------- ------------- ------------- ------------- -------------
$10.03/$10.50 $10.42/$10.91 $10.98/$11.50 $11.51/$12.18 $11.96/$12.66 $13.03/$13.79
------------- ------------- ------------- ------------- ------------- -------------
1,492 2,680 33,395 9,700 7,803 2,355
------------- ------------- ------------- ------------- ------------- -------------
14,967 27,940 366,635 111,612 93,320 30,677
------------- ------------- ------------- ------------- ------------- -------------
$ 10.03 $ 10.43 $ 10.99 $ 11.19 $ 11.30 $ 12.75
------------- ------------- ------------- ------------- ------------- -------------
380 516 10,806 1,674 2,121 403
------------- ------------- ------------- ------------- ------------- -------------
3,811 5,383 118,739 18,727 23,952 5,142
------------- ------------- ------------- ------------- ------------- -------------
$ 10.03 $ 10.45 $ 10.98 $ 11.20 $ 11.23 $ 12.63
------------- ------------- ------------- ------------- ------------- -------------
697 523 34,242 2,328 1,417 942
------------- ------------- ------------- ------------- ------------- -------------
6,995 5,462 376,023 26,068 15,909 11,900
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- $ 10.42 $ 10.99 $ 11.66 $ 12.32 $ 13.13
------------- ------------- ------------- ------------- ------------- -------------
-- 978 5,729 4,261 402 4,554
------------- ------------- ------------- ------------- ------------- -------------
-- 10,196 62,994 49,693 4,951 59,778
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
$ 25,756 $ 48,743 $ 891,383 $ 249,986 $ 159,789 $ 129,625
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ -- $ -- $ 47,096 $ 29,920 $ 21,529
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ 16 $ 16 $ 37 $ 28 @@
------------- ------------- ------------- ------------- ------------- -------------
</Table>
179
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED) (000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MIDCAP
MIDCAP FUND VALUE FUND
------------- -------------
ASSETS
Investments in securities, at value; (amortized cost for Money
Market)@........................................................... $ 2,720,660 $ 444,263
Cash................................................................. -- --
Foreign currency on deposit with custodian#.......................... -- --
Unrealized appreciation in forward foreign currency contracts........ -- --
Receivables:
Investment securities sold......................................... 24,005 1,577
Fund shares sold................................................... 782 5
Dividends and interest............................................. 981 124
Futures contracts.................................................. -- --
Other assets......................................................... 120 137
------------- -------------
Total assets.......................................................... 2,746,548 446,106
------------- -------------
LIABILITIES
Unrealized depreciation on forward foreign currency contracts........ -- --
Bank overdraft -- U.S. Dollars....................................... 1,058 36
Bank overdraft -- foreign cash....................................... -- --
Payable upon return of securities loaned (Note 2d)................... 172,425 17,820
Payables:
Investment securities purchased.................................... 18,433 2,128
Fund shares redeemed............................................... 1,772 348
Dividends.......................................................... -- --
Investment advisory and management fees (Note 3)................... 260 49
Distribution fees (Note 3)......................................... 178 26
Futures contracts.................................................. -- --
Accrued expenses..................................................... 1,042 216
Other liabilities.................................................... 3 1
------------- -------------
Total liabilities..................................................... 195,171 20,624
------------- -------------
Net assets............................................................ $ 2,551,377 $ 425,482
============= =============
Summary of net assets:
Capital stock and paid-in-capital..................................... $ 1,942,896 $ 373,244
Accumulated undistributed (distribution in excess of) net investment
income (loss)........................................................ (5,270) (1,340)
Accumulated net realized gain (loss) on investments and foreign
currency transactions................................................ 315,855 26,512
Unrealized appreciation (depreciation) of investments and the
translations of assets and liabilities denominated in foreign
currency............................................................. 297,896 27,066
------------- -------------
Net assets............................................................ $ 2,551,377 $ 425,482
============= =============
Shares authorized..................................................... 460,000 300,000
------------- -------------
Par value............................................................. $ 0.001 $ 0.001
------------- -------------
CLASS A: Net asset value per share/Maximum offering price per share... $23.40/$24.76 $12.32/$13.04
------------- -------------
Shares outstanding........................................... 64,982 22,286
------------- -------------
Net assets................................................... 1,520,256 274,554
------------- -------------
CLASS B: Net asset value per share.................................... $ 22.10 $ 11.96
------------- -------------
Shares outstanding........................................... 19,817 4,902
------------- -------------
Net assets................................................... 437,953 58,622
------------- -------------
CLASS C: Net asset value per share.................................... $ 22.17 $ 11.96
------------- -------------
Shares outstanding........................................... 21,367 5,262
------------- -------------
Net assets................................................... 473,679 62,936
------------- -------------
CLASS E: Net asset value per share/Maximum offering price per share... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS H: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS L: Net asset value per share/Maximum offering price per share... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS M: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS N: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
CLASS Y: Net asset value per share.................................... $ 24.31 $ 12.57
------------- -------------
Shares outstanding........................................... 4,914 2,336
------------- -------------
Net assets................................................... 119,489 29,370
------------- -------------
CLASS Z: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
@ Cost of securities.................................................. $ 2,422,763 $ 417,197
------------- -------------
@ Market value of securities on loan.................................. $ 168,341 $ 17,611
------------- -------------
# Cost of foreign currency on deposit with custodian................. $ -- $ --
------------- -------------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
180
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
<Table>
<Caption>
MONEY MARKET SELECT MIDCAP SHORT DURATION SMALL COMPANY SMALLCAP GROWTH
FUND GROWTH FUND FUND FUND FUND STOCK FUND
------------ ------------- -------------- ------------- --------------- -------------
$ 258,509 $ 12,099 $ 139,893 $ 346,698 $ 275,923 $ 1,497,305
327 96 -- -- 77 --
-- -- -- -- -- --
-- -- -- -- -- --
-- 159 -- 3,932 2,997 1,548
-- 56 11 1 85 323
939 2 1,631 110 59 1,508
-- -- -- -- -- --
95 58 50 97 85 154
----------- ------------- ------------- ------------- ------------- -------------
259,870 12,470 141,585 350,838 279,226 1,500,838
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
-- -- 16 279 -- 1,172
-- -- -- -- -- --
-- -- -- 71,330 22,847 44,896
-- 253 -- 5,000 5,666 7,415
288 2 79 263 75 1,841
-- -- -- -- -- --
18 1 11 32 30 143
14 1 7 18 14 99
-- -- -- -- -- --
139 6 36 160 78 734
-- -- @@ -- 4 2
----------- ------------- ------------- ------------- ------------- -------------
459 263 149 77,082 28,714 56,302
----------- ------------- ------------- ------------- ------------- -------------
$ 259,411 $ 12,207 $ 141,436 $ 273,756 $ 250,512 $ 1,444,536
=========== ============= ============= ============= ============= =============
$ 259,411 $ 12,982 $ 143,324 $ 317,798 $ 289,180 $ 1,960,579
-- (36) 110 (1,782) (970) 2,575
-- (198) (978) (68,289) (41,741) (544,226)
-- (541) (1,020) 26,029 4,043 25,608
----------- ------------- ------------- ------------- ------------- -------------
$ 259,411 $ 12,207 $ 141,436 $ 273,756 $ 250,512 $ 1,444,536
=========== ============= ============= ============= ============= =============
2,700,000 800,000 300,000 300,000 21,000,000 300,000
----------- ------------- ------------- ------------- ------------- -------------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.0001 $ 0.001
----------- ------------- ------------- ------------- ------------- -------------
$ 1.00 $ 9.28/$9.82 $ 9.96/$10.27 $15.35/$16.24 $25.35/$26.83 $17.08/$18.07
----------- ------------- ------------- ------------- ------------- -------------
187,641 1,059 3,714 9,405 1,895 49,206
----------- ------------- ------------- ------------- ------------- -------------
187,641 9,824 36,996 144,349 48,040 840,573
----------- ------------- ------------- ------------- ------------- -------------
$ 1.00 $ 9.25 $ 9.96 $ 14.36 $ 22.99 $ 16.08
----------- ------------- ------------- ------------- ------------- -------------
36,328 143 1,014 3,728 585 18,916
----------- ------------- ------------- ------------- ------------- -------------
36,328 1,322 10,095 53,552 13,444 304,123
----------- ------------- ------------- ------------- ------------- -------------
$ 1.00 $ 9.25 $ 9.96 $ 14.38 $ 22.99 $ 16.17
----------- ------------- ------------- ------------- ------------- -------------
22,219 94 2,986 2,918 461 12,773
----------- ------------- ------------- ------------- ------------- -------------
22,219 875 29,749 41,951 10,598 206,574
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- $ 23.08 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 664 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 15,324 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- $25.38/$26.65 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 4,426 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 112,323 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- $ 23.06 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 651 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 15,019 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- $ 23.08 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 249 --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- 5,749 --
----------- ------------- ------------- ------------- ------------- -------------
$ 1.00 $ 9.29 $ 9.95 $ 16.05 $ 25.70 $ 17.77
----------- ------------- ------------- ------------- ------------- -------------
13,223 20 6,492 2,113 1,168 5,248
----------- ------------- ------------- ------------- ------------- -------------
13,223 186 64,596 33,904 30,015 93,266
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
----------- ------------- ------------- ------------- ------------- -------------
$ 258,509 $ 12,640 $ 140,913 $ 320,670 $ 271,880 $ 1,471,697
----------- ------------- ------------- ------------- ------------- -------------
$ -- $ -- $ -- $ 69,443 $ 22,304 $ 44,072
----------- ------------- ------------- ------------- ------------- -------------
$ -- $ -- $ -- $ -- $ -- $ --
----------- ------------- ------------- ------------- ------------- -------------
</Table>
181
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED) (000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TAX-FREE TAX-FREE
CALIFORNIA FUND MINNESOTA FUND
--------------- --------------
ASSETS:
Investments in securities, at value; (amortized cost for Money
Market)@........................................................... $ 18,467 $ 35,897
Cash................................................................. 13 1,546
Foreign currency on deposit with custodian#.......................... -- --
Unrealized appreciation in forward foreign currency contracts........ -- --
Receivables:
Investment securities sold......................................... -- --
Fund shares sold................................................... 19 10
Dividends and interest............................................. 208 416
Futures contracts.................................................. -- --
Other assets......................................................... 10 21
------------- -------------
Total assets.......................................................... 18,717 37,890
------------- -------------
LIABILITIES:
Unrealized depreciation on forward foreign currency contracts........ -- --
Bank overdraft -- U.S. Dollars....................................... -- --
Bank overdraft -- foreign cash....................................... -- --
Payable upon return of securities loaned (Note 2d)................... -- --
Payables:
Investment securities purchased.................................... 462 1,277
Fund shares redeemed............................................... -- --
Dividends.......................................................... -- --
Investment advisory and management fees (Note 3)................... 1 4
Distribution fees (Note 3)......................................... 1 1
Futures contracts.................................................. -- --
Accrued expenses..................................................... 6 7
Other liabilities.................................................... @@ @@
------------- -------------
Total liabilities..................................................... 470 1,289
------------- -------------
Net assets............................................................ $ 18,247 $ 36,601
============= =============
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital..................................... $ 17,681 $ 34,533
Accumulated undistributed (distribution in excess of) net investment
income (loss)........................................................ 4 2
Accumulated net realized gain (loss) on investments and foreign
currency transactions................................................ 4 46
Unrealized appreciation (depreciation) of investments and the
translations of assets and liabilities denominated in foreign
currency............................................................. 558 2,020
------------- -------------
Net assets............................................................ $ 18,247 $ 36,601
============= =============
Shares authorized..................................................... 300,000 19,250,000
------------- -------------
Par value............................................................. $ 0.001 $ 0.001
------------- -------------
CLASS A: Net asset value per share/Maximum offering price per share... $10.41/$10.90 $10.41/$10.90
------------- -------------
Shares outstanding........................................... 1,494 497
------------- -------------
Net assets................................................... 15,549 5,174
------------- -------------
CLASS B: Net asset value per share.................................... $ 10.40 $ 10.42
------------- -------------
Shares outstanding........................................... 104 71
------------- -------------
Net assets................................................... 1,078 736
------------- -------------
CLASS C: Net asset value per share.................................... $ 10.42 $ 10.44
------------- -------------
Shares outstanding........................................... 155 31
------------- -------------
Net assets................................................... 1,620 325
------------- -------------
CLASS E: Net asset value per share/Maximum offering price per share... -- $10.47/$10.96
------------- -------------
Shares outstanding........................................... -- 2,581
------------- -------------
Net assets................................................... -- 27,027
------------- -------------
CLASS H: Net asset value per share.................................... -- $ 10.47
------------- -------------
Shares outstanding........................................... -- 11
------------- -------------
Net assets................................................... -- 117
------------- -------------
CLASS L: Net asset value per share/Maximum offering price per share... -- $10.44/$10.93
------------- -------------
Shares outstanding........................................... -- 276
------------- -------------
Net assets................................................... -- 2,883
------------- -------------
CLASS M: Net asset value per share.................................... -- $ 10.46
------------- -------------
Shares outstanding........................................... -- 12
------------- -------------
Net assets................................................... -- 128
------------- -------------
CLASS N: Net asset value per share.................................... -- $ 10.46
------------- -------------
Shares outstanding........................................... -- 20
------------- -------------
Net assets................................................... -- 210
------------- -------------
CLASS Y: Net asset value per share.................................... -- $ 10.41
------------- -------------
Shares outstanding........................................... -- @@
------------- -------------
Net assets................................................... -- 1
------------- -------------
CLASS Z: Net asset value per share.................................... -- --
------------- -------------
Shares outstanding........................................... -- --
------------- -------------
Net assets................................................... -- --
------------- -------------
@ Cost of securities.................................................. $ 17,909 $ 33,877
------------- -------------
@ 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
rounds to zero.
182
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
<Table>
<Caption>
VALUE
TAX-FREE TAX-FREE TOTAL RETURN U.S. GOVERNMENT VALUE OPPORTUNITIES
NATIONAL FUND NEW YORK FUND BOND FUND SECURITIES FUND FUND FUND
------------- ------------- ------------- --------------- ------------- -------------------
$ 94,048 $ 14,956 $ 768,728 $ 276,776 $ 129,613 $ 159,222
-- @@ 415 86 24 197
-- -- 1,297 -- -- --
-- -- 211 -- -- --
105 300 3,569 2 533 2,066
260 @@ 416 2 80 201
1,447 212 5,175 2,191 166 186
-- -- -- -- -- --
73 10 88 79 42 83
------------- ------------- ------------- ------------- ------------- -------------
95,933 15,478 779,899 279,136 130,458 161,955
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- 4
100 -- -- -- -- --
-- -- -- -- -- --
-- -- 90,869 28,283 -- 3,285
-- 615 75,291 -- 2,572 3,126
@@ -- 479 84 143 37
-- -- -- -- -- --
10 1 53 25 14 20
4 1 33 9 5 7
-- -- -- -- -- --
25 6 229 69 45 51
5 @@ 1 5 @@ 1
------------- ------------- ------------- ------------- ------------- -------------
144 623 166,955 28,475 2,779 6,531
------------- ------------- ------------- ------------- ------------- -------------
$ 95,789 $ 14,855 $ 612,944 $ 250,661 $ 127,679 $ 155,424
============= ============= ============= ============= ============= =============
$ 90,392 $ 14,327 $ 605,590 $ 259,511 $ 119,481 $ 145,665
@@ 1 433 132 335 186
654 9 3,564 (11,039) (5,509) 2,635
4,743 518 3,357 2,057 13,372 6,938
------------- ------------- ------------- ------------- ------------- -------------
$ 95,789 $ 14,855 $ 612,944 $ 250,661 $ 127,679 $ 155,424
============= ============= ============= ============= ============= =============
19,250,000 300,000 300,000 19,250,000 300,000 21,000,000
------------- ------------- ------------- ------------- ------------- -------------
$ 0.001 $ 0.001 $ 0.001 $ 0.0001 $ 0.001 $ 0.0001
------------- ------------- ------------- ------------- ------------- -------------
$11.24/$11.77 $10.42/$10.91 $10.84/$11.35 $ 9.55/$10.00 $10.28/$10.88 $14.88/$15.75
------------- ------------- ------------- ------------- ------------- -------------
3,435 1,061 27,473 5,356 5,946 2,651
------------- ------------- ------------- ------------- ------------- -------------
38,604 11,055 297,916 51,144 61,120 39,441
------------- ------------- ------------- ------------- ------------- -------------
$ 11.17 $ 10.42 $ 10.79 $ 9.51 $ 10.15 $ 13.96
------------- ------------- ------------- ------------- ------------- -------------
601 161 7,949 2,487 956 690
------------- ------------- ------------- ------------- ------------- -------------
6,713 1,675 85,760 23,650 9,703 9,632
------------- ------------- ------------- ------------- ------------- -------------
$ 11.19 $ 10.42 $ 10.86 $ 9.51 $ 10.16 $ 13.97
------------- ------------- ------------- ------------- ------------- -------------
713 204 7,343 1,312 1,038 598
------------- ------------- ------------- ------------- ------------- -------------
7,983 2,125 79,729 12,478 10,540 8,357
------------- ------------- ------------- ------------- ------------- -------------
$11.23/$11.76 -- -- $ 9.53/$9.98 -- --
------------- ------------- ------------- ------------- ------------- -------------
2,859 -- -- 11,760 -- --
------------- ------------- ------------- ------------- ------------- -------------
32,098 -- -- 112,112 -- --
------------- ------------- ------------- ------------- ------------- -------------
$ 11.20 -- -- $ 9.50 -- $ 13.98
------------- ------------- ------------- ------------- ------------- -------------
41 -- -- 344 -- 375
------------- ------------- ------------- ------------- ------------- -------------
460 -- -- 3,270 -- 5,243
------------- ------------- ------------- ------------- ------------- -------------
$11.21/$11.74 -- -- $ 9.54/$9.99 -- $14.88/$15.62
------------- ------------- ------------- ------------- ------------- -------------
717 -- -- 3,865 -- 1,783
------------- ------------- ------------- ------------- ------------- -------------
8,036 -- -- 36,871 -- 26,537
------------- ------------- ------------- ------------- ------------- -------------
$ 11.20 -- -- $ 9.51 -- $ 13.96
------------- ------------- ------------- ------------- ------------- -------------
120 -- -- 320 -- 558
------------- ------------- ------------- ------------- ------------- -------------
1,343 -- -- 3,046 -- 7,795
------------- ------------- ------------- ------------- ------------- -------------
$ 11.18 -- -- $ 9.50 -- $ 13.98
------------- ------------- ------------- ------------- ------------- -------------
49 -- -- 102 -- 157
------------- ------------- ------------- ------------- ------------- -------------
551 -- -- 965 -- 2,186
------------- ------------- ------------- ------------- ------------- -------------
$ 11.21 -- $ 10.95 $ 9.55 $ 10.25 $ 15.02
------------- ------------- ------------- ------------- ------------- -------------
@@ -- 13,653 746 4,518 3,745
------------- ------------- ------------- ------------- ------------- -------------
1 -- 149,539 7,125 46,316 56,233
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
$ 89,305 $ 14,438 $ 765,574 $ 274,719 $ 116,241 $ 152,283
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ -- $ 88,099 $ 27,592 $ -- $ 3,260
------------- ------------- ------------- ------------- ------------- -------------
$ -- $ -- $ 1,300 $ -- $ -- $ --
------------- ------------- ------------- ------------- ------------- -------------
</Table>
183
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
THE HARTFORD AGGRESSIVE GROWTH
ADVISERS FUND ALLOCATION FUND*
------------- -----------------
INVESTMENT INCOME:
Dividends................................................. $ 22,259 $ 133
Interest.................................................. 15,913 --
Securities lending........................................ 164 --
Less: Foreign tax withheld................................ (21) --
-------- -----
Total investment income, net............................ 38,315 133
-------- -----
EXPENSES:
Investment management and advisory fees................... 7,579 45
Transfer agent fees....................................... 2,576 62
Distribution fees
Class A................................................. 1,865 30
Class B................................................. 2,638 46
Class C................................................. 1,637 61
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 18 1
Accounting services....................................... 236 2
Registration and filing fees.............................. 121 14
Board of Directors' fees.................................. 14 @@
Other expenses............................................ 590 22
-------- -----
Total expenses (before waivers and fees paid
indirectly)............................................ 17,274 283
Expense waivers........................................... -- (56)
Fees paid indirectly...................................... (105) @@
-------- -----
Total waivers and fees paid indirectly.................. (105) (56)
-------- -----
Total expenses, net..................................... 17,169 227
-------- -----
Net investment income (loss).............................. 21,146 (94)
-------- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 41,668 40
Net realized gain (loss) on futures options contracts..... 103 --
Net realized gain (loss) on foreign currency
transactions............................................ (1) --
-------- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:........................ 41,770 40
-------- -----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (12,094) (709)
Net unrealized appreciation (depreciation) of futures
contracts............................................... (164) --
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.............................................. (12,258) (709)
-------- -----
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:............................ 29,512 (669)
-------- -----
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 50,658 $(763)
======== =====
</Table>
* Invests only in affiliated investment companies.
@@ 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.
184
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
BALANCED ALLOCATION CAPITAL APPRECIATION CONSERVATIVE ALLOCATION DISCIPLINED EQUITY DIVIDEND AND EQUITY INCOME
FUND* FUND FUND* FUND GROWTH FUND FUND
------------------- -------------------- ----------------------- ------------------ ------------ -------------
$ 1,955 $ 64,165 $1,027 $ 4,680 $ 34,764 $ 4,720
-- 4,863 -- 34 1,048 80
-- 678 -- -- 22 --
-- -- -- -- (338) --
------- --------- ------ ------- -------- -------
1,955 69,706 1,027 4,714 35,496 4,800
------- --------- ------ ------- -------- -------
210 26,359 70 1,433 8,550 1,334
140 9,468 29 480 2,783 314
154 5,933 58 302 2,464 327
171 7,751 39 223 1,700 114
262 7,546 81 199 1,439 240
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
1 1,530 1 7 14 7
10 796 3 36 268 33
28 382 14 29 141 34
1 35 @@ 2 12 1
69 1,922 30 92 667 98
------- --------- ------ ------- -------- -------
1,046 61,722 325 2,803 18,038 2,502
(96) -- (32) (64) -- (1,378)
@@ (2,088) @@ (32) (150) (8)
------- --------- ------ ------- -------- -------
(96) (2,088) (32) (96) (150) (1,386)
------- --------- ------ ------- -------- -------
950 59,634 293 2,707 17,888 1,116
------- --------- ------ ------- -------- -------
1,005 10,072 734 2,007 17,608 3,684
------- --------- ------ ------- -------- -------
591 695,694 324 13,433 55,315 (3,249)
-- -- -- 388 -- --
-- (4,624) -- -- -- --
------- --------- ------ ------- -------- -------
591 691,070 324 13,821 55,315 (3,249)
------- --------- ------ ------- -------- -------
(2,115) (388,456) (839) (213) 35,947 17,336
-- -- -- -- -- --
-- 4,349 -- -- -- --
------- --------- ------ ------- -------- -------
(2,115) (384,107) (839) (213) 35,947 17,336
------- --------- ------ ------- -------- -------
(1,524) 306,963 (515) 13,608 91,262 14,087
------- --------- ------ ------- -------- -------
$ (519) $ 317,035 $ 219 $15,615 $108,870 $17,771
======= ========= ====== ======= ======== =======
</Table>
185
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD GLOBAL
FOCUS COMMUNICATIONS
FUND FUND
------------ -------------------
INVESTMENT INCOME:
Dividends................................................. $ 1,412 $222
Interest.................................................. 20 4
Securities lending........................................ -- 3
Less: Foreign tax withheld................................ -- (16)
------- ----
Total investment income, net............................ 1,432 213
------- ----
EXPENSES:
Investment management and advisory fees................... 518 73
Transfer agent fees....................................... 135 32
Distribution fees
Class A................................................. 79 14
Class B................................................. 89 9
Class C................................................. 110 8
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 4 9
Accounting services....................................... 10 1
Registration and filing fees.............................. 18 17
Board of Directors' fees.................................. 1 @@
Other expenses............................................ 35 13
------- ----
Total expenses (before waivers and fees paid
indirectly)............................................ 999 176
Expense waivers........................................... (22) (47)
Fees paid indirectly...................................... (14) @@
------- ----
Total waivers and fees paid indirectly.................. (36) (47)
------- ----
Total expenses, net..................................... 963 129
------- ----
Net investment income (loss).............................. 469 84
------- ----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 3,764 792
Net realized gain (loss) on futures options contracts..... -- --
Net realized gain (loss) on foreign currency
transactions............................................ -- 2
------- ----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:........................ 3,764 794
------- ----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (1,133) @@
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... -- 2
------- ----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (1,133) 2
------- ----
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:............................ 2,631 796
------- ----
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 3,100 $880
======= ====
</Table>
* Invests only in affiliated investment companies.
@@ 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.
186
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
GLOBAL FINANCIAL GLOBAL HEALTH GLOBAL LEADERS GLOBAL TECHNOLOGY GROWTH ALLOCATION THE HARTFORD
SERVICES FUND FUND FUND FUND FUND* GROWTH FUND
---------------- ------------- -------------- ----------------- ----------------- ------------
$ 298 $ 1,677 $ 7,507 $ 719 $ 961 $ 5,623
5 128 93 5 -- 360
1 43 188 4 -- 46
(14) (71) (478) (9) -- (10)
----- ------- -------- ------- ------- --------
290 1,777 7,310 719 961 6,019
----- ------- -------- ------- ------- --------
100 1,557 2,936 281 158 3,491
33 592 1,270 204 157 902
17 223 594 37 108 572
16 338 452 64 143 187
13 316 432 63 213 295
-- -- -- -- -- 113
-- -- -- -- -- 386
-- -- -- -- -- 105
-- -- -- -- -- 22
11 16 155 14 1 12
2 31 72 6 8 58
15 27 44 20 28 80
@@ 1 4 @@ 1 3
15 94 191 23 51 235
----- ------- -------- ------- ------- --------
222 3,195 6,150 712 868 6,461
(41) (216) (288) (170) (118) (228)
(5) (24) (553) (18) @@ (95)
----- ------- -------- ------- ------- --------
(46) (240) (841) (188) (118) (323)
----- ------- -------- ------- ------- --------
176 2,955 5,309 524 750 6,138
----- ------- -------- ------- ------- --------
114 (1,178) 2,001 195 211 (119)
----- ------- -------- ------- ------- --------
744 19,202 53,320 1,927 71 43,298
-- -- -- -- -- --
(1) 11 89 (2) -- --
----- ------- -------- ------- ------- --------
743 19,213 53,409 1,925 71 43,298
----- ------- -------- ------- ------- --------
(126) (2,783) (82,329) (3,608) (2,031) (57,005)
-- -- -- -- -- --
@@ (1) (49) @@ -- --
----- ------- -------- ------- ------- --------
(126) (2,784) (82,378) (3,608) (2,031) (57,005)
----- ------- -------- ------- ------- --------
617 16,429 (28,969) (1,683) (1,960) (13,707)
----- ------- -------- ------- ------- --------
$ 731 $15,251 $(26,968) $(1,488) $(1,749) $(13,826)
===== ======= ======== ======= ======= ========
</Table>
187
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
GROWTH OPPORTUNITIES HIGH YIELD
FUND FUND
-------------------- ------------
INVESTMENT INCOME:
Dividends................................................. $ 2,539 $ 2
Interest.................................................. 164 13,244
Securities lending........................................ 326 71
Less: Foreign tax withheld................................ (17) --
-------- --------
Total investment income, net............................ 3,012 13,317
-------- --------
EXPENSES:
Investment management and advisory fees................... 2,839 1,414
Transfer agent fees....................................... 177 383
Distribution fees
Class A................................................. 101 291
Class B................................................. 69 299
Class C................................................. 69 335
Class H................................................. 195 --
Class L................................................. 660 --
Class M................................................. 113 --
Class N................................................. 25 --
Custodian fees............................................ 45 12
Accounting services....................................... 12 38
Registration and filing fees.............................. 66 32
Board of Directors' fees.................................. 4 2
Other expenses............................................ 205 97
-------- --------
Total expenses (before waivers and fees paid
indirectly)............................................ 4,580 2,903
Expense waivers........................................... (45) --
Fees paid indirectly...................................... (330) (5)
-------- --------
Total waivers and fees paid indirectly.................. (375) (5)
-------- --------
Total expenses, net..................................... 4,205 2,898
-------- --------
Net investment income (loss).............................. (1,193) 10,419
-------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 79,060 7,114
Net realized gain (loss) on futures options contracts..... -- 141
Net realized gain (loss) on foreign currency
transactions............................................ (6) 738
-------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:........................ 79,054 7,993
-------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (75,461) (23,400)
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- (242)
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... 1 (488)
-------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (75,460) (24,130)
-------- --------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:............................ 3,594 (16,137)
-------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 2,401 $ (5,718)
======== ========
</Table>
* Invests only in affiliated investment companies.
@@ 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.
188
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD
THE HARTFORD THE HARTFORD INTERNATIONAL INTERNATIONAL INTERNATIONAL
INCOME ALLOCATION THE HARTFORD INFLATION PLUS CAPITAL APPRECIATION OPPORTUNITIES SMALL COMPANY
FUND* INCOME FUND FUND FUND FUND FUND
----------------- ------------ -------------- -------------------- ------------- -------------
$ 401 $ -- $ -- $ 2,006 $ 1,447 $ 1,080
-- 1,232 15,484 133 53 20
-- -- -- 54 32 57
-- @@ -- (190) (192) (107)
----- ------- ------- ------- ------- -------
401 1,232 15,484 2,003 1,340 1,050
----- ------- ------- ------- ------- -------
21 130 2,399 777 591 486
11 36 387 188 318 64
16 35 419 107 116 35
13 27 560 73 122 23
26 28 1,693 102 83 57
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
1 8 7 108 85 97
1 4 83 16 14 10
11 13 59 33 15 27
@@ @@ 3 @@ 1 @@
13 20 218 46 46 33
----- ------- ------- ------- ------- -------
113 301 5,828 1,450 1,391 832
(25) (59) (260) (145) (152) (101)
@@ (1) (2) (83) (59) (35)
----- ------- ------- ------- ------- -------
(25) (60) (262) (228) (211) (136)
----- ------- ------- ------- ------- -------
88 241 5,566 1,222 1,180 696
----- ------- ------- ------- ------- -------
313 991 9,918 781 160 354
----- ------- ------- ------- ------- -------
41 (177) 2,438 1,137 12,337 7,322
-- -- (105) -- -- --
-- 17 444 2 (219) (1,245)
----- ------- ------- ------- ------- -------
41 (160) 2,777 1,139 12,118 6,077
----- ------- ------- ------- ------- -------
(312) (911) 7,365 (7,958) (3,909) (472)
-- -- -- -- -- --
-- (10) @@ (2) 145 399
----- ------- ------- ------- ------- -------
(312) (921) 7,365 (7,960) (3,764) (73)
----- ------- ------- ------- ------- -------
(271) (1,081) 10,142 (6,821) 8,354 6,004
----- ------- ------- ------- ------- -------
$ 42 $ (90) $20,060 $(6,040) $ 8,514 $ 6,358
===== ======= ======= ======= ======= =======
</Table>
189
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
MIDCAP MIDCAP VALUE
FUND FUND
------------ ------------
INVESTMENT INCOME:
Dividends................................................. $ 14,327 $ 2,018
Interest.................................................. 616 85
Securities lending........................................ 80 7
Less: Foreign tax withheld................................ (15) (7)
--------- --------
Total investment income, net............................ 15,008 2,103
--------- --------
EXPENSES:
Investment management and advisory fees................... 9,808 1,843
Transfer agent fees....................................... 2,982 646
Distribution fees
Class A................................................. 1,986 361
Class B................................................. 2,283 310
Class C................................................. 2,495 341
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 44 27
Accounting services....................................... 266 43
Registration and filing fees.............................. 122 38
Board of Directors' fees.................................. 14 2
Other expenses............................................ 684 120
--------- --------
Total expenses (before waivers and fees paid
indirectly)............................................ 20,684 3,731
Expense waivers........................................... -- (238)
Fees paid indirectly...................................... (406) (50)
--------- --------
Total waivers and fees paid indirectly.................. (406) (288)
--------- --------
Total expenses, net..................................... 20,278 3,443
--------- --------
Net investment income (loss).............................. (5,270) (1,340)
--------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 320,581 27,095
Net realized gain (loss) on futures options contracts..... -- --
Net realized gain (loss) on foreign currency
transactions............................................ (2) (1)
--------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:........................ 320,579 27,094
--------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (170,491) (13,240)
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... (5) @@
--------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (170,496) (13,240)
--------- --------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:............................ 150,083 13,854
--------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 144,813 $ 12,514
========= ========
</Table>
* Invests only in affiliated investment companies.
** Commenced operations on January 1, 2005.
@@ 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.
190
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
MONEY MARKET SELECT MIDCAP SHORT DURATION SMALL COMPANY SMALLCAP THE HARTFORD
FUND GROWTH FUND** FUND FUND GROWTH FUND STOCK FUND
------------ ------------- -------------- ------------- --------------- ------------
$ -- $ 11 $ -- $ 410 $ 736 $21,426
3,069 5 2,575 60 47 219
-- -- -- 68 49 30
-- -- -- (13) (2) (18)
------ ----- ------- ------- ------- -------
3,069 16 2,575 525 830 21,657
------ ----- ------- ------- ------- -------
636 29 352 1,244 1,090 5,618
441 6 59 518 154 2,628
230 7 47 196 59 1,147
191 3 54 293 67 1,663
106 2 159 239 55 1,183
-- -- -- -- 86 --
-- -- -- -- 148 --
-- -- -- -- 82 --
-- -- -- -- 32 --
3 10 5 22 7 15
26 1 13 29 9 158
27 7 17 32 48 78
2 @@ 1 2 1 11
73 5 40 78 75 387
------ ----- ------- ------- ------- -------
1,735 70 747 2,653 1,913 12,888
(325) (18) (71) (267) (101) (301)
(1) @@ (1) (79) (12) (129)
------ ----- ------- ------- ------- -------
(326) (18) (72) (346) (113) (430)
------ ----- ------- ------- ------- -------
1,409 52 675 2,307 1,800 12,458
------ ----- ------- ------- ------- -------
1,660 (36) 1,900 (1,782) (970) 9,199
------ ----- ------- ------- ------- -------
-- (198) (462) 10,565 15,499 32,310
-- -- -- -- 213 --
-- -- -- @@ -- (1)
------ ----- ------- ------- ------- -------
-- (198) (462) 10,565 15,712 32,309
------ ----- ------- ------- ------- -------
-- (541) (1,145) (3,741) (8,531) 1,908
-- -- -- -- -- --
-- -- -- 1 -- --
------ ----- ------- ------- ------- -------
-- (541) (1,145) (3,740) (8,531) 1,908
------ ----- ------- ------- ------- -------
-- (739) (1,607) 6,825 7,181 34,217
------ ----- ------- ------- ------- -------
$1,660 $(775) $ 293 $ 5,043 $ 6,211 $43,416
====== ===== ======= ======= ======= =======
</Table>
191
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE
CALIFORNIA FUND MINNESOTA FUND
--------------- --------------
INVESTMENT INCOME:
Dividends................................................. $ -- $ --
Interest.................................................. 374 800
Securities lending........................................ -- --
Less: Foreign tax withheld................................ -- --
---- -----
Total investment income, net............................ 374 800
---- -----
EXPENSES:
Investment management and advisory fees................... 47 129
Transfer agent fees....................................... 2 3
Distribution fees
Class A................................................. 18 6
Class B................................................. 5 3
Class C................................................. 8 2
Class H................................................. -- 1
Class L................................................. -- 3
Class M................................................. -- 1
Class N................................................. -- 1
Custodian fees............................................ 2 2
Accounting services....................................... 2 1
Registration and filing fees.............................. 3 8
Board of Directors' fees.................................. @@ @@
Other expenses............................................ 12 13
---- -----
Total expenses (before waivers and fees paid
indirectly)............................................. 99 173
Expense waivers........................................... (13) (14)
Fees paid indirectly...................................... (1) (1)
---- -----
Total waivers and fees paid indirectly.................... (14) (15)
---- -----
Total expenses, net....................................... 85 158
---- -----
Net investment income (loss).............................. 289 642
---- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 52 46
Net realized gain (loss) on futures options contracts..... -- --
Net realized gain (loss) on foreign currency
transactions............................................ -- --
---- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:........................ 52 46
---- -----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. 100 (125)
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.............................................. 100 (125)
---- -----
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS:............................ 152 (79)
---- -----
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $441 $ 563
==== =====
</Table>
@@ 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.
192
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE TOTAL RETURN U.S. GOVERNMENT THE HARTFORD VALUE OPPORTUNITIES
NATIONAL FUND NEW YORK FUND BOND FUND SECURITIES FUND VALUE FUND FUND
------------- ------------- ------------ --------------- ------------ -------------------
$ -- $ -- $ -- $ -- $1,270 $ 1,116
2,280 304 13,345 6,745 37 36
-- -- 45 20 1 7
-- -- -- -- -- (24)
------ ---- ------- ------- ------ -------
2,280 304 13,390 6,765 1,308 1,135
------ ---- ------- ------- ------ -------
347 39 1,882 903 473 603
19 1 592 124 111 80
45 14 368 63 75 41
32 8 439 124 47 39
40 10 419 65 54 37
3 -- -- 18 -- 29
9 -- -- 46 -- 34
7 -- -- 16 -- 41
3 -- -- 5 11
3 2 12 6 7 20
5 1 59 9 12 8
43 3 41 52 17 46
@@ @@ 3 2 @@ @@
35 12 162 76 43 45
------ ---- ------- ------- ------ -------
591 90 3,977 1,509 839 1,034
(77) (15) (90) (100) (20) (78)
@@ (1) (5) (1) (6) (7)
------ ---- ------- ------- ------ -------
(77) (16) (95) (101) (26) (85)
------ ---- ------- ------- ------ -------
514 74 3,882 1,408 813 949
------ ---- ------- ------- ------ -------
1,766 230 9,508 5,357 495 186
------ ---- ------- ------- ------ -------
654 9 3,773 (974) (415) 6,921
-- -- 84 -- -- --
-- -- (89) -- -- @@
------ ---- ------- ------- ------ -------
654 9 3,768 (974) (415) 6,921
------ ---- ------- ------- ------ -------
(525) 22 (7,648) (2,039) 6,281 (3,178)
-- -- -- -- -- --
-- -- 514 -- -- (1)
------ ---- ------- ------- ------ -------
(525) 22 (7,134) (2,039) 6,281 (3,179)
------ ---- ------- ------- ------ -------
129 31 (3,366) (3,013) 5,866 3,742
------ ---- ------- ------- ------ -------
$1,895 $261 $ 6,142 $ 2,344 $6,361 $ 3,928
====== ==== ======= ======= ====== =======
</Table>
193
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
ADVISERS FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 21,146 $ 24,914
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 41,770 62,071
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (12,258) 461
Payment from affiliate (See note 3c)...................... -- 4,979
---------- ----------
Net increase (decrease) in net assets resulting from
operations.............................................. 50,658 92,425
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (18,169) (19,144)
Class B................................................. (4,448) (2,860)
Class C................................................. (2,883) (2,274)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (204) (205)
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..................................... (25,704) (24,483)
---------- ----------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. (154,519) 29,118
Class B................................................. (68,327) (59,114)
Class C................................................. (73,743) (77,869)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 889 4,708
Class Z................................................. -- --
---------- ----------
Net increase (decrease) from capital share transactions... (295,700) (103,157)
---------- ----------
Net increase (decrease) in net assets..................... (270,746) (35,215)
NET ASSETS:
Beginning of period....................................... 2,459,061 2,494,276
---------- ----------
End of period............................................. $2,188,315 $2,459,061
========== ==========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 2,481 $ 7,039
========== ==========
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
194
- --------------------------------------------------------------------------------
<Table>
<Caption>
AGGRESSIVE GROWTH ALLOCATION FUND BALANCED ALLOCATION FUND CAPITAL APPRECIATION FUND
- ---------------------------------------- ------------------------------------ --------------------------------------
FOR THE PERIOD FOR THE PERIOD
FOR THE SIX-MONTH MAY 28, 2004* FOR THE SIX-MONTH MAY 28, 2004* FOR THE SIX-MONTH
PERIOD ENDED THROUGH PERIOD ENDED THROUGH PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ---------------- ----------------- ---------------- ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (94) $ (28) $ 1,005 $ 118 $ 10,072 $ (19,992)
40 (7) 591 @@ 691,070 608,639
(709) 862 (2,115) 2,807 (384,107) 210,528
-- -- -- -- -- --
------- ------- -------- -------- ---------- ----------
(763) 827 (519) 2,925 317,035 799,175
------- ------- -------- -------- ---------- ----------
(34) -- (702) (71) -- --
(2) -- (74) (2) -- --
(2) -- (122) (4) -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
(1) -- @@ -- -- --
@@ -- @@ -- -- --
@@ -- @@ -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------- ------- -------- -------- ---------- ----------
(39) -- (898) (77) -- --
------- ------- -------- -------- ---------- ----------
22,219 11,962 105,728 65,655 607,225 1,397,295
9,627 4,350 31,187 18,392 30,973 112,210
13,254 5,232 38,934 29,653 130,344 207,155
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- 60,598 57,278
-- -- -- -- -- --
------- ------- -------- -------- ---------- ----------
45,100 21,544 175,849 113,700 829,140 1,773,938
------- ------- -------- -------- ---------- ----------
44,298 22,371 174,432 116,548 1,146,175 2,573,113
22,371 -- 116,548 -- 7,100,798 4,527,685
------- ------- -------- -------- ---------- ----------
$66,669 $22,371 $290,980 $116,548 $8,246,973 $7,100,798
======= ======= ======== ======== ========== ==========
$ (132) $ -- $ 149 $ 42 $ 14,651 $ 4,579
======= ======= ======== ======== ========== ==========
</Table>
195
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
CONSERVATIVE ALLOCATION FUND
------------------------------------------
FOR THE PERIOD
FOR THE SIX-MONTH MAY 28, 2004*
PERIOD ENDED THROUGH
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ----------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 734 $ 112
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 324 @@
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (839) 907
Payment from affiliate (See note 3c)...................... -- --
------- -------
Net increase (decrease) in net assets resulting from
operations.............................................. 219 1,019
------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (495) (55)
Class B................................................. (52) (4)
Class C................................................. (111) (8)
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..................................... (658) (67)
------- -------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 24,480 33,293
Class B................................................. 5,468 4,901
Class C................................................. 12,972 10,575
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
------- -------
Net increase (decrease) from capital share transactions... 42,920 48,769
------- -------
Net increase (decrease) in net assets..................... 42,481 49,721
NET ASSETS:
Beginning of period....................................... 49,721 --
------- -------
End of period............................................. $92,202 $49,721
======= =======
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 121 $ 45
======= =======
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
196
- --------------------------------------------------------------------------------
<Table>
<Caption>
DISCIPLINED EQUITY FUND DIVIDEND AND GROWTH FUND EQUITY INCOME FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 2,007 $ 429 $ 17,608 $ 17,976 $ 3,684 $ 3,657
13,821 21,042 55,315 81,633 (3,249) 551
(213) (1,634) 35,947 149,410 17,336 8,171
-- 3 -- 1,109 -- --
-------- -------- ---------- ---------- -------- --------
15,615 19,840 108,870 250,128 17,771 12,379
-------- -------- ---------- ---------- -------- --------
(1,780) (151) (14,908) (14,072) (2,958) (2,580)
(24) -- (1,175) (350) (161) (131)
(42) -- (1,178) (600) (376) (381)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
(346) (3) (824) (724) (7) (4)
-- -- -- --
-- -- (19,192) -- (457) (9)
-- -- (3,381) -- (40) (1)
-- -- (2,925) -- (93) (2)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- (723) -- (1) --
-- -- -- -- -- --
-------- -------- ---------- ---------- -------- --------
(2,192) (154) (44,306) (15,746) (4,093) (3,108)
-------- -------- ---------- ---------- -------- --------
(22,149) (17,298) 116,463 370,976 84,778 177,942
(4,575) (5,801) 13,572 30,946 8,407 15,457
(6,678) (7,637) (1,105) 19,924 4,152 34,946
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
27,178 18,654 30,183 21,352 396 253
-- -- -- -- -- --
-------- -------- ---------- ---------- -------- --------
(6,224) (12,082) 159,113 443,198 97,733 228,598
-------- -------- ---------- ---------- -------- --------
7,199 7,604 223,677 677,580 111,411 237,869
346,118 338,514 2,504,873 1,827,293 274,682 36,813
-------- -------- ---------- ---------- -------- --------
$353,317 $346,118 $2,728,550 $2,504,873 $386,093 $274,682
======== ======== ========== ========== ======== ========
$ 206 $ 391 $ 2,593 $ 3,070 $ 795 $ 613
======== ======== ========== ========== ======== ========
</Table>
197
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
FOCUS FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 469 $ (629)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 3,764 13,752
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (1,133) (10,748)
Payment from affiliate (See note 3c)...................... -- 34
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 3,100 2,409
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (31) --
Class B................................................. -- --
Class C................................................. -- --
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (3) --
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..................................... (34) --
-------- --------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. (13,685) (4,332)
Class B................................................. (2,923) (2,823)
Class C................................................. (5,796) (3,743)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (381) 90
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... (22,785) (10,808)
-------- --------
Net increase (decrease) in net assets..................... (19,719) (8,399)
NET ASSETS:
Beginning of period....................................... 110,538 118,937
-------- --------
End of period............................................. $ 90,819 $110,538
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 435 $ --
======== ========
</Table>
@@ 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.
198
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL COMMUNICATIONS FUND GLOBAL FINANCIAL SERVICES FUND GLOBAL HEALTH FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 84 $ 108 $ 114 $ 192 $ (1,178) $ (2,803)
794 2,466 743 1,138 19,213 17,347
2 (1,042) (126) 104 (2,784) 6,508
-- -- -- -- -- --
------- ------- ------- ------- -------- --------
880 1,532 731 1,434 15,251 21,052
------- ------- ------- ------- -------- --------
(95) -- (158) (112) -- --
(5) -- (17) (8) -- --
(4) -- (13) (6) -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
(2) -- (10) (7) -- --
-- -- -- -- -- --
-- -- -- -- (8,795) (595)
-- -- -- -- (3,502) (269)
-- -- -- -- (3,266) (246)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- (64) (5)
-- -- -- -- -- --
------- ------- ------- ------- -------- --------
(106) -- (198) (133) (15,627) (1,115)
------- ------- ------- ------- -------- --------
1,271 1,319 128 (680) 7,292 32,756
305 (254) 5 (822) 821 5,182
416 (140) 81 (887) 1,838 5,712
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
2 (573) 36 (968) 152,708 100
-- -- -- -- -- --
------- ------- ------- ------- -------- --------
1,994 352 250 (3,357) 162,659 43,750
------- ------- ------- ------- -------- --------
2,768 1,884 783 (2,056) 162,283 63,687
11,887 10,003 19,054 21,110 299,396 235,709
------- ------- ------- ------- -------- --------
$14,655 $11,887 $19,837 $19,054 $461,679 $299,396
======= ======= ======= ======= ======== ========
$ 72 $ 94 $ 101 $ 185 $ (1,178) $ --
======= ======= ======= ======= ======== ========
</Table>
199
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL LEADERS FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 2,001 $ (3,432)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 53,409 96,204
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (82,378) 21,017
Payment from affiliate (See note 3c)...................... -- --
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. (26,968) 113,789
-------- --------
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................................................. (3,013) (79,662)
Class B................................................. (3,298) (2,281)
Class C................................................. (6,405) (4,087)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 12,727 33,863
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... 11 (52,167)
-------- --------
Net increase (decrease) in net assets..................... (26,957) 61,622
NET ASSETS:
Beginning of period....................................... 702,501 640,879
-------- --------
End of period............................................. $675,544 $702,501
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 2,002 $ 1
======== ========
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
200
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL TECHNOLOGY FUND GROWTH ALLOCATION FUND GROWTH FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE PERIOD
FOR THE SIX-MONTH FOR THE SIX-MONTH MAY 28, 2004* FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED THROUGH PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 195 $(1,125) $ 211 $ (19) $ (119) $ (4,846)
1,925 4,346 71 @@ 43,298 14,874
(3,608) (7,552) (2,031) 2,435 (57,005) 25,107
-- -- -- -- -- --
-------- ------- -------- -------- ---------- --------
(1,488) (4,331) (1,749) 2,416 (13,826) 35,135
-------- ------- -------- -------- ---------- --------
-- -- (223) -- -- --
-- -- (34) -- -- --
-- -- (49) -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- @@ -- -- --
-- -- @@ -- -- --
-- -- @@ -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-------- ------- -------- -------- ---------- --------
-- -- (306) -- -- --
-------- ------- -------- -------- ---------- --------
(4,383) 1,143 90,209 41,921 176,008 303,622
(1,086) (85) 29,192 13,475 8,457 20,108
(3,144) (1,453) 43,517 20,595 20,193 34,841
-- -- -- -- -- --
-- -- -- -- (2,883) (5,133)
-- -- -- -- (18,511) (27,881)
-- -- -- -- (2,157) (3,425)
-- -- -- -- (67) (412)
(430) 421 -- -- 24,947 11,595
-- -- -- -- -- --
-------- ------- -------- -------- ---------- --------
(9,043) 26 162,918 76,261 205,987 333,315
-------- ------- -------- -------- ---------- --------
(10,531) (4,305) 160,863 78,677 192,161 368,450
59,473 63,778 78,677 -- 835,590 467,140
-------- ------- -------- -------- ---------- --------
$ 48,942 $59,473 $239,540 $ 78,677 $1,027,751 $835,590
======== ======= ======== ======== ========== ========
$ 195 $ -- $ (95) $ -- $ (119) $ --
======== ======= ======== ======== ========== ========
</Table>
201
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROWTH OPPORTUNITIES FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ (1,193) $ (4,788)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 79,054 74,372
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (75,460) 866
Payment from affiliate (See note 3c)...................... -- --
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 2,401 70,450
-------- --------
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................................................. 67,587 34,377
Class B................................................. 3,448 6,429
Class C................................................. 2,312 5,973
Class E................................................. -- --
Class H................................................. (4,183) (10,101)
Class L................................................. (25,600) (55,147)
Class M................................................. (1,808) (4,250)
Class N................................................. (151) (292)
Class Y................................................. 7,856 4,589
Class Z................................................. (4,002) (2,794)
-------- --------
Net increase (decrease) from capital share transactions... 45,459 (21,216)
-------- --------
Net increase (decrease) in net assets..................... 47,860 49,234
NET ASSETS:
Beginning of period....................................... 700,724 651,490
-------- --------
End of period............................................. $748,584 $700,724
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ (1,193) $ --
======== ========
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
202
- --------------------------------------------------------------------------------
<Table>
<Caption>
HIGH YIELD FUND INCOME ALLOCATION FUND INCOME FUND
- ------------------------------------------ ------------------------------------ --------------------------------------
FOR THE PERIOD
FOR THE SIX-MONTH FOR THE SIX-MONTH MAY 28, 2004* FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED THROUGH PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ---------------- ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 10,419 $ 21,975 $ 313 $ 65 $ 991 $ 1,496
7,993 1,260 41 1 (160) 272
(24,130) 9,408 (312) 89 (921) 392
-- 82 -- -- -- --
-------- -------- ------- ------- ------- -------
(5,718) 32,725 42 155 (90) 2,160
-------- -------- ------- ------- ------- -------
(6,934) (13,775) (209) (41) (639) (1,192)
(1,554) (3,524) (34) (5) (106) (193)
(1,773) (3,930) (67) (18) (109) (215)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
(564) (183) -- -- (119) (1)
-- -- -- -- -- --
-- -- (1) -- (116) --
-- -- @@ -- (22) --
-- -- @@ -- (22) --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- @@ --
-- -- -- -- -- --
-------- -------- ------- ------- ------- -------
(10,825) (21,412) (311) (64) (1,133) (1,601)
-------- -------- ------- ------- ------- -------
(29,060) 27,020 4,586 10,487 (866) 13,357
(7,733) (10,205) 2,156 1,681 (4) 748
(10,781) (8,468) 2,191 4,850 60 428
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
3,755 16,120 -- -- 10,321 10
-- -- -- -- -- --
-------- -------- ------- ------- ------- -------
(43,819) 24,467 8,933 17,018 9,511 14,543
-------- -------- ------- ------- ------- -------
(60,362) 35,780 8,664 17,109 8,288 15,102
399,419 363,639 17,109 -- 40,693 25,591
-------- -------- ------- ------- ------- -------
$339,057 $399,419 $25,773 $17,109 $48,981 $40,693
======== ======== ======= ======= ======= =======
$ (44) $ 362 $ 4 $ 1 $ 35 $ 17
======== ======== ======= ======= ======= =======
</Table>
203
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
INFLATION PLUS FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 9,918 $ 15,142
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 2,777 3,921
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... 7,365 15,179
Payment from affiliate (See note 3c)...................... -- --
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 20,060 34,242
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (5,012) (7,295)
Class B................................................. (1,237) (1,954)
Class C................................................. (3,762) (5,756)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (700) (129)
Class Z................................................. -- --
From net realized gain on investments
Class A................................................. (2,567) (560)
Class B................................................. (878) (264)
Class C................................................. (2,606) (627)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (205) --
Class Z................................................. -- --
-------- --------
Total distributions..................................... (16,967) (16,585)
-------- --------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 51,581 163,635
Class B................................................. 10,432 37,258
Class C................................................. 54,785 152,377
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 39,540 22,802
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... 156,338 376,072
-------- --------
Net increase (decrease) in net assets..................... 159,431 393,729
NET ASSETS:
Beginning of period....................................... 764,960 371,231
-------- --------
End of period............................................. $924,391 $764,960
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ (500) $ 293
======== ========
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
204
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL CAPITAL APPRECIATION FUND INTERNATIONAL OPPORTUNITIES FUND INTERNATIONAL SMALL COMPANY FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 781 $ (128) $ 160 $ 165 $ 354 $ 628
1,139 (671) 12,118 17,719 6,077 8,347
(7,960) 9,438 (3,764) 169 (73) (3,466)
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
(6,040) 8,639 8,514 18,053 6,358 5,509
-------- -------- -------- -------- -------- --------
-- -- -- (32) -- (5)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- (31) (134) (108)
-- -- -- -- -- --
-- (75) -- -- (2,648) (858)
-- (12) -- -- (420) (155)
-- (14) -- -- (1,146) (240)
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- (1) -- -- (4,640) (1,683)
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
-- (102) -- (63) (8,988) (3,049)
-------- -------- -------- -------- -------- --------
65,200 33,843 188 6,346 7,496 10,982
10,379 6,071 (804) (278) 1,575 1,408
14,022 9,562 (826) (1,224) 2,194 6,922
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
21,839 26,600 374 (2,608) 18,681 15,694
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
111,440 76,076 (1,068) 2,236 29,946 35,006
-------- -------- -------- -------- -------- --------
105,400 84,613 7,446 20,226 27,316 37,466
100,700 16,087 130,686 110,460 80,181 42,715
-------- -------- -------- -------- -------- --------
$206,100 $100,700 $138,132 $130,686 $107,497 $ 80,181
======== ======== ======== ======== ======== ========
$ 781 $ -- $ 269 $ 109 $ 804 $ 584
======== ======== ======== ======== ======== ========
</Table>
205
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MIDCAP FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ (5,270) $ (16,320)
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 320,579 184,502
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (170,496) 60,619
Payment from affiliate (See note 3c)...................... -- --
---------- ----------
Net increase (decrease) in net assets resulting from
operations.............................................. 144,813 228,801
---------- ----------
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................................................. (32,520) --
Class B................................................. (9,709) --
Class C................................................. (10,682) --
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (2,142) --
Class Z................................................. -- --
---------- ----------
Total distributions..................................... (55,053) --
---------- ----------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. (81,014) (7,410)
Class B................................................. (14,533) (23,848)
Class C................................................. (26,354) (36,048)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 11,090 11,066
Class Z................................................. -- --
---------- ----------
Net increase (decrease) from capital share transactions... (110,811) (56,240)
---------- ----------
Net increase (decrease) in net assets..................... (21,051) 172,561
NET ASSETS:
Beginning of period....................................... 2,572,428 2,399,867
---------- ----------
End of period............................................. $2,551,377 $2,572,428
========== ==========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ (5,270) $ --
========== ==========
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
* Commencement of operations.
The accompanying notes are an integral part of these financial statements.
206
- --------------------------------------------------------------------------------
<Table>
<Caption>
MIDCAP VALUE FUND MONEY MARKET FUND SELECT MIDCAP GROWTH FUND
- ------------------------------------------ -------------------------------------- -------------------------
FOR THE PERIOD
FOR THE SIX-MONTH FOR THE SIX-MONTH JANUARY 1, 2005*
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED THROUGH
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005
----------------- ------------------ ----------------- ------------------ ----------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (1,340) $ (2,039) $ 1,660 $ 619 $ (36)
27,094 33,398 -- 2 (198)
(13,240) 9,523 -- -- (541)
-- -- -- -- --
-------- -------- -------- -------- -------
12,514 40,882 1,660 621 (775)
-------- -------- -------- -------- -------
-- -- (1,345) (590) --
-- -- (133) (5) --
-- -- (75) (3) --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- (107) (21) --
-- -- -- -- --
(21,012) -- -- (2) --
(4,659) -- -- @@ --
(5,152) -- -- @@ --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
(222) -- -- @@ --
-- -- -- -- --
-------- -------- -------- -------- -------
(31,045) -- (1,660) (621) --
-------- -------- -------- -------- -------
6,086 96,898 (17,801) (40,757) 10,462
925 12,047 (9,508) (21,896) 1,394
(1,122) 10,552 (4,407) (3,329) 926
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
27,787 2,342 3,525 8,536 200
-- -- -- -- --
-------- -------- -------- -------- -------
33,676 121,839 (28,191) (57,446) 12,982
-------- -------- -------- -------- -------
15,145 162,721 (28,191) (57,446) 12,207
410,337 247,616 287,602 345,048 --
-------- -------- -------- -------- -------
$425,482 $410,337 $259,411 $287,602 $12,207
======== ======== ======== ======== =======
$ (1,340) $ -- $ -- $ -- $ (36)
======== ======== ======== ======== =======
</Table>
207
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHORT DURATION FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 1,900 $ 2,169
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... (462) (295)
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (1,145) (187)
Payment from affiliate (See note 3c)...................... -- --
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 293 1,687
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (549) (1,024)
Class B................................................. (116) (251)
Class C................................................. (345) (755)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (797) (150)
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..................................... (1,807) (2,180)
-------- --------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. (1,686) 6,604
Class B................................................. (2,034) 2,127
Class C................................................. (4,793) 4,492
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 33,670 31,444
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... 25,157 44,667
-------- --------
Net increase (decrease) in net assets..................... 23,643 44,174
NET ASSETS:
Beginning of period....................................... 117,793 73,619
-------- --------
End of period............................................. $141,436 $117,793
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 110 $ 17
======== ========
</Table>
The accompanying notes are an integral part of these financial statements.
208
- --------------------------------------------------------------------------------
<Table>
<Caption>
SMALL COMPANY FUND SMALLCAP GROWTH FUND STOCK FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (1,782) $ (4,048) $ (970) $ (2,027) $ 9,199 $ (1,234)
10,565 31,350 15,712 27,895 32,309 13,771
(3,740) (13,512) (8,531) (12,104) 1,908 43,675
-- -- -- -- -- --
-------- -------- -------- -------- ---------- ----------
5,043 13,790 6,211 13,764 43,416 56,212
-------- -------- -------- -------- ---------- ----------
-- -- -- -- (5,607) --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- (1,017) --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-------- -------- -------- -------- ---------- ----------
-- -- -- -- (6,624) --
-------- -------- -------- -------- ---------- ----------
(15,241) 7,710 3,916 23,863 (132,953) (58,565)
(5,902) (2,618) 1,240 4,876 (47,123) (43,898)
(8,386) (4,938) 202 4,665 (56,437) (65,250)
-- -- -- -- -- --
-- -- (2,588) (4,749) -- --
-- -- (5,827) (6,513) -- --
-- -- (1,649) (2,982) -- --
-- -- (554) (397) -- --
18,468 (265) 24,878 5,474 11,300 36,590
-- -- -- -- -- --
-------- -------- -------- -------- ---------- ----------
(11,061) (111) 19,618 24,237 (225,213) (131,123)
-------- -------- -------- -------- ---------- ----------
(6,018) 13,679 25,829 38,001 (188,421) (74,911)
279,774 266,095 224,683 186,682 1,632,957 1,707,868
-------- -------- -------- -------- ---------- ----------
$273,756 $279,774 $250,512 $224,683 $1,444,536 $1,632,957
======== ======== ======== ======== ========== ==========
$ (1,782) $ -- $ (970) $ -- $ 2,575 $ --
======== ======== ======== ======== ========== ==========
</Table>
209
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TAX-FREE CALIFORNIA FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 289 $ 614
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 52 32
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... 100 526
Payment from affiliate (See note 3c)...................... -- --
------- -------
Net increase (decrease) in net assets resulting from
operations.............................................. 441 1,172
------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (252) (590)
Class B................................................. (14) (33)
Class C................................................. (21) (19)
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..................................... (287) (642)
------- -------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 572 3,606
Class B................................................. 52 (854)
Class C................................................. 158 173
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
------- -------
Net increase (decrease) from capital share transactions... 782 2,925
------- -------
Net increase (decrease) in net assets..................... 936 3,455
NET ASSETS:
Beginning of period....................................... 17,311 13,856
------- -------
End of period............................................. $18,247 $17,311
======= =======
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 4 $ 2
======= =======
</Table>
@@ 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.
210
- --------------------------------------------------------------------------------
<Table>
<Caption>
TAX-FREE MINNESOTA FUND TAX-FREE NATIONAL FUND TAX-FREE NEW YORK FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 642 $ 1,456 $ 1,766 $ 3,552 $ 230 $ 441
46 571 654 480 9 22
(125) 256 (525) 1,916 22 422
-- -- -- -- -- --
------- ------- ------- ------- ------- -------
563 2,283 1,895 5,948 261 885
------- ------- ------- ------- ------- -------
(87) (147) (721) (1,286) (183) (375)
(10) (17) (104) (218) (22) (40)
(4) (12) (128) (271) (27) (50)
(496) (1,147) (644) (1,379) -- --
(2) (4) (9) (44) -- --
(52) (107) (150) (300) -- --
(2) (9) (22) (46) -- --
(3) (7) (9) (19) -- --
@@ @@ @@ @@ -- --
-- -- -- -- -- --
-- (99) -- (409) (17) (69)
-- (15) -- (98) (2) (8)
-- (9) -- (119) (3) (12)
-- (720) -- (500) -- --
-- (3) -- (21) -- --
-- (72) -- (113) -- --
-- (8) -- (19) -- --
-- (5) -- (8) -- --
@@ @@ -- @@ -- --
-- -- -- -- -- --
------- ------- ------- ------- ------- -------
(656) (2,381) (1,787) (4,850) (254) (554)
------- ------- ------- ------- ------- -------
901 1,059 3,348 13,426 508 1,688
93 112 469 (433) 107 479
4 (90) (377) 648 151 538
(247) (2,361) (39) (2,339) -- --
1 (41) (191) (1,112) -- --
123 (150) 338 135 -- --
(77) (249) (56) 146 -- --
(4) 2 3 (68) -- --
@@ @@ @@ @@ -- --
-- -- -- -- -- --
------- ------- ------- ------- ------- -------
794 (1,718) 3,495 10,403 766 2,705
------- ------- ------- ------- ------- -------
701 (1,816) 3,603 11,501 773 3,036
35,900 37,716 92,186 80,685 14,082 11,046
------- ------- ------- ------- ------- -------
$36,601 $35,900 $95,789 $92,186 $14,855 $14,082
======= ======= ======= ======= ======= =======
$ 2 $ 16 $ @@ $ 21 $ 1 $ 3
======= ======= ======= ======= ======= =======
</Table>
211
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUND II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TOTAL RETURN BOND FUND
--------------------------------------------
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 9,508 $ 15,635
Net realized gain (loss) on investments, futures contracts
and foreign currency transactions....................... 3,768 4,248
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions..... (7,134) 7,032
Payment from affiliate (See note 3c)...................... -- 243
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 6,142 27,158
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (5,070) (9,501)
Class B................................................. (1,202) (2,503)
Class C................................................. (1,177) (2,575)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (2,546) (2,548)
Class Z................................................. -- --
From net realized gain on investments
Class A................................................. (1,135) (9,077)
Class B................................................. (350) (3,538)
Class C................................................. (338) (3,675)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. (399) (2,000)
Class Z................................................. -- --
-------- --------
Total distributions..................................... (12,217) (35,417)
-------- --------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 2,063 34,420
Class B................................................. (5,151) (12,343)
Class C................................................. (8,863) (18,887)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. 49,342 41,626
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... 37,391 44,816
-------- --------
Net increase (decrease) in net assets..................... 31,316 36,557
NET ASSETS:
Beginning of period....................................... 581,628 545,071
-------- --------
End of period............................................. $612,944 $581,628
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 433 $ 920
======== ========
</Table>
@@ 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.
212
- --------------------------------------------------------------------------------
<Table>
<Caption>
U.S. GOVERNMENT SECURITIES FUND VALUE FUND VALUE OPPORTUNITIES FUND
- ------------------------------------------ -------------------------------------- --------------------------------------
FOR THE SIX-MONTH FOR THE SIX-MONTH FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED PERIOD ENDED FOR THE YEAR ENDED
APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004 APRIL 30, 2005 OCTOBER 31, 2004
----------------- ------------------ ----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 5,357 $ 11,840 $ 495 $ 451 $ 186 $ (142)
(974) (3,335) (415) 2,286 6,921 6,095
(2,039) 2,969 6,281 3,886 (3,179) 2,953
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
2,344 11,474 6,361 6,623 3,928 8,906
-------- -------- -------- -------- -------- --------
(1,049) (2,410) (209) (373) -- --
(421) (1,059) -- (14) -- --
(220) (628) -- (19) -- --
(2,575) (5,830) -- -- -- --
(62) (175) -- -- -- --
(787) (1,761) -- -- -- --
(57) (147) -- -- -- --
(18) (42) -- -- -- --
(80) @@ (328) @@ -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
(5,269) (12,052) (537) (406) -- --
-------- -------- -------- -------- -------- --------
(1,669) (11,823) 972 10,636 13,720 16,891
(2,273) (11,914) 239 990 3,704 3,329
(1,287) (12,661) (921) (285) 2,479 3,625
(6,468) (15,784) -- -- -- --
(601) (2,359) -- -- (909) (1,631)
(1,311) (4,504) -- -- (679) (532)
(612) (887) -- -- (801) (1,025)
(79) (330) -- -- (75) (137)
7,137 @@ 23,561 20,782 46,235 9,702
-- -- -- -- -- --
-------- -------- -------- -------- -------- --------
(7,163) (60,262) 23,851 32,123 63,674 30,222
-------- -------- -------- -------- -------- --------
(10,088) (60,840) 29,675 38,340 67,602 39,128
260,749 321,589 98,004 59,664 87,822 48,694
-------- -------- -------- -------- -------- --------
$250,661 $260,749 $127,679 $ 98,004 $155,424 $ 87,822
======== ======== ======== ======== ======== ========
$ 132 $ 44 $ 335 $ 377 $ 186 $ --
======== ======== ======== ======== ======== ========
</Table>
213
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2005 (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 forty
portfolios (each a "Fund" or together the "Funds"). They are The Hartford
Advisers Fund (Advisers Fund), The Hartford Aggressive Growth Allocation
Fund (Aggressive Growth Allocation Fund), The Hartford Balanced Allocation
Fund (Balanced Allocation Fund), The Hartford Capital Appreciation Fund
(Capital Appreciation Fund), The Hartford Conservative Allocation Fund
(Conservative Allocation Fund), The Hartford Disciplined Equity Fund
(Disciplined Equity Fund), The Hartford Dividend and Growth Fund (Dividend
and Growth Fund), The Hartford Equity Income Fund (Equity Income Fund), The
Hartford Focus Fund (Focus Fund), The Hartford Global Communications Fund
(Global Communications Fund), The Hartford Global Financial Services Fund
(Global Financial Services Fund), The Hartford Global Health Fund (Global
Health Fund), The Hartford Global Leaders Fund (Global Leaders Fund), The
Hartford Global Technology Fund (Global Technology Fund), The Hartford
Growth Allocation Fund (Growth Allocation Fund), The Hartford Growth Fund
(Growth Fund), The Hartford Growth Opportunities Fund (Growth Opportunities
Fund), The Hartford High Yield Fund (High Yield Fund), The Hartford Income
Allocation Fund (Income Allocation Fund), The Hartford Income Fund (Income
Fund), The Hartford Inflation Plus Fund (Inflation Plus Fund), The Hartford
International Capital Appreciation Fund (International Capital Appreciation
Fund), The Hartford International Opportunities Fund (International
Opportunities Fund), The Hartford International Small Company Fund
(International Small Company Fund), The Hartford MidCap Fund (MidCap Fund),
The Hartford MidCap Value Fund (MidCap Value Fund), The Hartford Money
Market Fund (Money Market Fund), The Hartford Select MidCap Growth Fund
(Select MidCap Growth Fund), The Hartford Short Duration Fund (Short
Duration Fund), The Hartford Small Company Fund (Small Company Fund), The
Hartford SmallCap Growth Fund (SmallCap Growth Fund), The Hartford Stock
Fund (Stock Fund), The Hartford Tax-Free California Fund (Tax-Free
California Fund), The Hartford Tax-Free Minnesota Fund (Tax-Free Minnesota
Fund), The Hartford Tax-Free National Fund (Tax-Free National Fund), The
Hartford Tax-Free New York Fund (Tax-Free New York Fund), The Hartford Total
Return Bond Fund (Total Return Bond Fund), The Hartford U.S. Government
Securities Fund (U.S. Government Securities Fund), The Hartford Value Fund
(Value Fund) and The Hartford Value Opportunities Fund (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 Focus Fund, Global
Communications Fund, Global Financial Services Fund, Global Health Fund,
Global Technology Fund, Inflation Plus Fund, Tax-Free California Fund and
Tax-Free New York Fund, which are non-diversified.
Class A shares are sold with a front-end sales charge of up to 5.50%, except
for the High Yield Fund, the Income Fund, the Inflation Plus Fund, the
Tax-Free California Fund, the Tax-Free Minnesota Fund, the Tax-Free National
Fund, the Tax-Free New York Fund and the U.S. Government Securities Fund
which have maximum front-end sales charge of up to 4.50%. The Short Duration
Fund has a maximum front-end sales charge of up to 3.00%. 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 1.00% and a contingent deferred sales charge
of up to 1.00%. Effective November 1, 2004, Class C shares will be sold with
a contingent deferred sales charge of up to 1.00% and no front-end sales
charge. 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.
Each of the following Funds ("Allocation Funds"): Aggressive Growth
Allocation Fund, Balanced Allocation Fund, Conservative Allocation Fund,
Growth Allocation Fund and Income Allocation Fund are "Funds of Funds",
which invests the majority of its assets in Class Y of other Hartford mutual
funds: domestic and international equity funds and fixed income funds
(Underlying Funds). The Allocation Funds seek their relative investment
goals through implementation of a strategic asset allocation recommendation
provided by Ibbotson Associates, Inc. ("Ibbotson"). Ibbotson serves as a
consultant to Hartford Investment Financial Services, LLC (HIFSCO) with
respect to selecting the Underlying Funds and the funds' asset allocations
among the Underlying Funds. Each Underlying Fund's accounting policies are
outlined below.
Indemnifications: Under the Funds' organizational documents, its directors
and officers are indemnified against certain liabilities arising out of the
performance of their duties to the Funds. In addition, the Funds' enter into
contracts that contain a variety of indemnifications. The Funds' maximum
exposure under these arrangements is unknown. However, the Funds have not
had prior claims or losses pursuant to these contracts and expect the risk
of loss to be remote.
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies of the Funds,
which are in accordance with U.S. 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
214
- --------------------------------------------------------------------------------
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 generally 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 foreign
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 contracts 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 the net asset value
that would be calculated without regard to such consideration.
Securities of foreign issuers and non-dollar securities 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.
Investments in open-end mutual funds are valued at the respective net
asset value of each Underlying Fund on the valuation date.
Dividend income is recorded on the ex-dividend date. Interest income,
including amortization of bond premium and discount, is recorded on the
accrual basis. Income and capital gain distributions from underlying
funds are recorded on the ex-dividend date.
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.
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 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 Funds' account as a third party
band custodial in book entry or physical form. Repurchase agreements are
valued at cost plus accrued interest receivable.
215
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
Certain Funds, together with other investment management companies
having investment advisory agreements with Wellington have an interest
in a $2,365,039 joint repurchase agreements dated 4/29/05 with CS First
Boston, Deutsche Bank, J.P. Morgan and UBS Securities, LLC due 05/02/05.
These joint repurchase agreements are collateralized as follows:
<Table>
<Caption>
COLLATERAL
BROKER RATE PRINCIPAL VALUE SECURITY TYPE COUPON RATE MATURITY
------ ---- --------- ---------- ------------------- --------------- -----------
CS First Boston............. 2.97% $385,000 $392,701 FNMA 4.00% - 11.25% 2005 - 2035
Deutsche Bank............... 2.97% 650,000 663,000 FNMA 4.00% - 7.50% 2007 - 2035
FMAC 4.50% - 7.50% 2011 - 2035
Deutsche Bank............... 2.89% 65,039 66,358 U.S. Treasury Bond 9.25% 2016
J.P. Morgan................. 2.96% 445,000 453,901 FNMA 3.92% - 9.00% 2007 - 2035
UBS Securities, LLC......... 2.95% 150,000 153,002 FMAC 3.50% - 9.00% 2005 - 2035
FHLMC 8.50% - 10.75% 2005 - 2017
FNMA 4.50% - 9.50% 2006 - 2035
UBS Securities, LLC......... 2.96% 670,000 683,401 FMAC 4.00% - 9.50% 2006 - 2035
FHLMC 8.00% - 13.00% 2008 - 2018
FNMA 4.00% - 10.00% 2005 - 2035
</Table>
The maturity amounts are as follows:
<Table>
<Caption>
MATURITY
FUND AMOUNT
---- --------
Advisers Fund............................................... $ 37,576
Capital Appreciation Fund................................... 536,759
Disciplined Equity Fund..................................... 1,967
Dividend and Growth Fund.................................... 89,579
Equity Income Fund.......................................... 5,379
Focus Fund.................................................. 3,068
Global Communications Fund.................................. 204
Global Financial Services................................... 10
Global Health Fund.......................................... 157,270
Global Technology Fund...................................... 94
Growth Fund................................................. 33,715
Growth Opportunities Fund................................... 3,309
International Capital Appreciation Fund..................... 14,701
International Opportunities Fund............................ 6,290
International Small Company Fund............................ 2,942
MidCap Fund................................................. 135,691
MidCap Value Fund........................................... 4,828
Small Company Fund.......................................... 1,925
Stock Fund.................................................. 39,979
Value Fund.................................................. 5,472
Value Opportunities Fund.................................... 3,120
</Table>
Certain Funds, together with other investment management companies
having investment advisory agreements with Hartford Investment have an
interest in a $977,422 joint repurchase agreements dated 4/29/05 with
BNP Paribas Securities Corp., Greenwich Capital Markets and UBS
Securities, LLC due 5/02/05. These joint repurchase agreements are
collateralized as follows:
<Table>
<Caption>
COLLATERAL
BROKER RATE PRINCIPAL VALUE SECURITY TYPE COUPON RATE MATURITY
------ ---- --------- ---------- ------------------- -------------- -----------
BNP Paribas Securities
Corp. ..................... 2.83% 325,000 330,941 U.S. Treasury Bonds 5.25% - 8.75% 2020 - 2028
Greenwich Capital Markets.... 2.84% 300,000 305,475 U.S. Treasury Note 4.25% 2013
UBS Securities, LLC.......... 2.84% 352,422 358,464 U.S. Treasury Bonds 8.875% 2019
U.S. Treasury Note 5.625% 2008
</Table>
216
- --------------------------------------------------------------------------------
The maturity amounts are as follows:
<Table>
<Caption>
MATURITY
FUND AMOUNT
---- --------
High Yield Fund............................................. $ 306
Income Fund................................................. 760
Inflation Plus Fund......................................... 8,578
Short Duration Fund......................................... 2,172
Total Return Bond Fund...................................... 113,455
U.S. Government Securities Fund............................. 2,027
</Table>
The SmallCap Growth Fund has an interest in a $5,215 repurchase
agreement dated 4/29/05 with UBS Securities Corp., 2.84% due 5/02/05.
This repurchase agreement is collateralized with a $5,380 in U.S.
Treasury Bond 7.25% due 2022.
In addition, the Advisers Fund and the Capital Appreciation Fund hold
collateral for securities out on loan in repurchase agreements. The
Advisers Fund lending agreement was collateralized by interests in
$4,973 and $61,125 repurchase agreements dated 4/29/05 with Lehman
Brothers, Inc., 2.95% and 2.96% due 5/2/05. These repurchase agreements
are collateralized by $5,072 and $62,348, in U.S. Zero Coupon Strips
4.92% due 2019. The Capital Appreciation Fund lending agreement was
collateralized by an interest in a $1,127 repurchase agreement dated
4/29/05 with Lehman Brothers, Inc., 2.95% due 5/2/05. This repurchase
agreement is collateralized by $1,151 in U.S. Zero coupon strip, 4.92%
due 2019.
g) 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 Advisers Fund had outstanding futures contracts as of April 30,
2005.
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 or greater
than 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.
Hartford SmallCap Growth Fund options contracts activity during the
six-month period ended April 30, 2005:
<Table>
<Caption>
CALLS WRITTEN DURING THE PERIOD NUMBER OF CONTRACTS PREMIUM AMOUNTS
------------------------------- ------------------- ---------------
Beginning of the period..................................... -- $ --
Written during the period................................... 324 53
Expired during the period................................... -- --
Closed during the period.................................... (324) (7)
Exercised during the period................................. -- --
----------- ----
Balance at the end of the period............................ -- $ 46
----------- ----
</Table>
217
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
h) Forward Foreign Currency Contracts -- For the six-month period ended
April 30, 2005, the Capital Appreciation Fund, the Income Fund, the
International Opportunities Company 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 foreign currency contracts involve elements of market risk in
excess of the amount reflected in the Statements of Assets and
Liabilities. In 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. The U.S. dollar value of
forward foreign currency contracts is determined using forward foreign
currency exchange rates supplied by an independent pricing service.
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 in using
conventional securities. Indexed securities may be more volatile than
their underlying instruments, but any loss is limited to the amount of
the original investment and there 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. Distributions from
short-term capital gains are treated as ordinary income distributions
for federal income tax purposes.
The tax character of distributions paid (excluding dividends payable)
for the periods indicated is as follows:
<Table>
<Caption>
FOR THE PERIOD ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
-------------------- --------------------
Advisers Fund
Ordinary income........................................... $24,483 $26,613
Balanced Allocation Fund+
Ordinary income........................................... 77
Conservative Allocation Fund+
Ordinary income........................................... 67
Disciplined Equity Fund
Ordinary income........................................... 154
Dividend and Growth Fund
Ordinary income........................................... 15,746 10,229
Tax Return of capital..................................... 293
Equity Income Fund
Ordinary income........................................... 3,108
Global Financial Services Fund
Ordinary income........................................... 133 58
Global Health Fund
Ordinary income........................................... 1,236
Net Long-term capital gains............................... 1,115 3,821
High Yield Fund
Ordinary income........................................... 21,004 22,578
Income Allocation Fund+
Ordinary income........................................... 56
Income Fund
Ordinary income........................................... 1,577 857
Inflation Plus Fund
Ordinary income........................................... 16,261 4,094
International Capital Appreciation Fund
Ordinary income........................................... 37 6
Net Long-term capital gains............................... 65
International Opportunities Fund
Ordinary income........................................... 63
International Small Company Fund
Ordinary income........................................... 2,967 17
Net Long-term capital gains............................... 82
Money Market Fund
Ordinary income........................................... 615 954
</Table>
218
- --------------------------------------------------------------------------------
<Table>
<Caption>
FOR THE PERIOD ENDED FOR THE PERIOD ENDED
OCTOBER 31, 2004 OCTOBER 31, 2003
-------------------- --------------------
Short Duration Fund
Ordinary income........................................... 2,152 1,283
Tax-Free California Fund
Ordinary income........................................... 636 450
Tax-Free Minnesota Fund
Ordinary income........................................... 13
Tax exempt income......................................... 1,423 1,514
Net long-term capital gains............................... 835 195
Tax-Free National Fund
Ordinary income........................................... 284
Tax exempt income......................................... 3,491 2,864
Net long-term capital gains............................... 924 1,604
Tax-Free New York
Ordinary income........................................... 89
Tax exempt income......................................... 463 349
Total Return Bond Fund
Ordinary income........................................... 34,174 25,854
Net long-term capital gains............................... 1,196 1,383
U.S. Government Securities Fund
Ordinary income........................................... 11,875 15,981
Value Fund
Ordinary income........................................... 406 239
</Table>
+ Commenced operations on May 28, 2004.
As of October 31, 2004, the components of distributable earnings
(deficit) 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.......................... $ 7,039 $ -- $(297,895) $ 91,146 $(199,710)
Aggressive Growth Allocation Fund...... -- -- -- 855 855
Balanced Allocation Fund............... 42 -- -- 2,807 2,849
Capital Appreciation Fund.............. -- -- (178,229) 923,253 745,024
Conservative Allocation Fund........... 45 -- -- 907 952
Disciplined Equity Fund................ 391 -- (110,465) 24,932 (85,142)
Dividend and Growth Fund............... 3,070 26,221 -- 238,617 267,908
Equity Income Fund..................... 1,204 -- -- 8,790 9,994
Focus Fund............................. -- -- (17,269) 57 (17,212)
Global Communications Fund............. 94 -- (5,225) 1,369 (3,762)
Global Financial Services Fund......... 185 -- (1,266) 1,747 666
Global Health Fund..................... -- 15,627 -- 14,136 29,763
Global Leaders Fund.................... -- -- (60,140) 89,063 28,923
Global Technology Fund................. -- -- (60,534) 2,314 (58,220)
Growth Allocation Fund................. -- -- -- 2,435 2,435
Growth Fund............................ -- -- (71,950) 94,100 22,150
Growth Opportunities Fund.............. -- -- (76,626) 109,967 33,341
High Yield Fund........................ 770 -- (85,531) 17,885 (66,876)
Income Allocation Fund................. 10 -- -- 89 99
Income Fund............................ 41 160 -- 1,072 1,273
Inflation Plus Fund.................... 2,519 4,352 -- 16,289 23,160
International Capital Appreciation
Fund................................. -- -- (15) 10,411 10,396
International Opportunities Fund....... -- -- (40,231) 12,510 (27,721)
International Small Company Fund....... 8,316 734 -- 663 9,713
MidCap Fund............................ -- 55,052 -- 463,669 518,721
MidCap Value Fund...................... 10,451 20,592 -- 39,726 70,769
Money Market Fund...................... 6 -- -- -- 6
Short Duration Fund.................... 45 -- (516) 125 (346)
Small Company Fund..................... -- -- (78,175) 29,090 (49,085)
SmallCap Growth Fund................... -- -- (56,442) 11,563 (44,879)
Stock Fund............................. -- -- (558,978) 6,143 (552,835)
</Table>
219
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (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)***
------------- ------------- ------------- ---------------- ------------
Tax-Free California Fund............... 8 -- (48) 458 418
Tax-Free Minnesota Fund................ 42 84 -- 2,145 2,271
Tax-Free National Fund................. 93 79 -- 5,268 5,440
Tax-Free New York Fund................. 5 22 -- 496 523
Total Return Bond Fund................. 2,075 953 -- 10,448 13,476
U.S. Government Securities Fund........ 221 -- (10,065) 4,096 (5,748)
Value Fund............................. 377 -- (4,839) 6,836 2,374
Value Opportunities Fund............... -- -- (4,053) 9,884 5,831
</Table>
* Certain Funds had capital loss carryforwards that are identified in
note 8.
** The differences between book-basis and tax-basis unrealized
appreciation (depreciation) is attributable primarily to the tax
deferral of wash sale losses and the mark to market adjustment for
certain derivatives in accordance with IRC Sec. 1256.
*** The primary difference between book and tax basis accumulated
earnings (deficit) relates to dividends payable to shareholders at
year end.
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
Aggressive Growth Allocation Fund, the Capital Appreciation Fund, the
Disciplined Equity 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 Allocation 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 Select MidCap Growth 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 Balanced Allocation
Fund, the Conservative Allocation 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
Allocation 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. Long-term capital
gains distributions received from the underlying funds are distributed
to shareholders at least annually, when required. 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, net realized capital gains and
capital are determined in accordance with federal income tax
regulations, which may differ from U.S. 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) Restricted Securities -- 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, due to the unavailability of
reliable market quotations for such securities or investments, and
investments 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 qualifying institutions and
which may be determined to be liquid pursuant to policies and guidelines
established by the Funds' Board of Directors.
m) Securities Purchased on a When-Issued Basis -- Delivery and payment for
securities that have been purchased by the Fund on a forward commitment
or when-issued basis take place beyond the customary settlement period.
During this period, such securities are subject to market
220
- --------------------------------------------------------------------------------
fluctuations and the Fund identifies securities as segregated in its
records with value at least equal to the amount of the commitment. As of
April 30, 2005 the Funds entered into outstanding when-issued or forward
commitments as follows:
<Table>
<Caption>
FUND COST
---- --------
Advisers Fund............................................... $ 1,579
Tax-Free California Fund.................................... 463
Tax-Free Minnesota Fund..................................... 751
Tax-Free New York Fund...................................... 615
Total Return Bond Fund...................................... 63,996
</Table>
n) 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.
o) Use of Estimates -- The preparation of financial statements in
conformity with U.S. generally accepted accounting principles 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.
3. EXPENSES:
a) Investment Management and Advisory Agreements -- (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
the 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 Select MidCap Growth 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 Allocation 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. Additionally, HIFSCO will
consult with Ibbotson Associates, Inc. (Ibbotson), with respect to
making investment decisions for The Aggressive Growth Allocation Fund,
The Balanced Allocation Fund, The Conservative Allocation Fund, The
Growth Allocation Fund and the Income Allocation Fund. HIFSCO has
contracted with Chartwell Investment Partners, L.P., Goldman Sachs Asset
Management, L.P. and Northern Capital Management, LLC for the provision
of day to day investment management services to The Select MidCap Growth
Fund. Each Fund pays a fee to HIFSCO, a portion of which may be used to
compensate Wellington, Hartford Investment and Ibbotson.
The schedule below reflects the rates of compensation paid to HIFSCO for
investment advisory services rendered:
MONEY MARKET FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .50%
On next $500 million............................................... .45%
Over $1 billion.................................................... .40%
</Table>
TAX-FREE NATIONAL FUND AND U.S. GOVERNMENT
SECURITIES FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ ----------
On first $50 million............................................... .80%
Over $50 million................................................... .70%
</Table>
TOTAL RETURN BOND FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .65%
On next $500 million............................................... .55%
Over $1 billion.................................................... .50%
</Table>
GLOBAL LEADERS FUND, INTERNATIONAL
OPPORTUNITIES FUND, MIDCAP FUND, MIDCAP VALUE FUND AND SMALL COMPANY FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .85%
On next $500 million............................................... .75%
Over $1 billion.................................................... .70%
</Table>
221
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
TAX-FREE MINNESOTA FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $50 million............................................... .72%
Over $50 million................................................... .70%
</Table>
GROWTH FUND, GROWTH OPPORTUNITIES FUND, SMALLCAP GROWTH FUND AND VALUE
OPPORTUNITIES FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $100 million.............................................. 1.00%
On next $150 million............................................... .80%
Over $250 million.................................................. .70%
</Table>
ADVISERS FUND, DIVIDEND AND GROWTH FUND
AND HIGH YIELD FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .75%
On next $500 million............................................... .65%
Over $1 billion.................................................... .60%
</Table>
INTERNATIONAL CAPITAL APPRECIATION FUND AND
INTERNATIONAL SMALL COMPANY FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. 1.00%
On next $500 million............................................... .90%
Over $1 billion.................................................... .85%
</Table>
CAPITAL APPRECIATION FUND, DISCIPLINED EQUITY FUND, EQUITY INCOME FUND, STOCK
FUND AND VALUE FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .80%
On next $500 million............................................... .70%
Over $1 billion.................................................... .65%
</Table>
FOCUS FUND, GLOBAL COMMUNICATIONS FUND, GLOBAL FINANCIAL SERVICES FUND, GLOBAL
HEALTH FUND AND GLOBAL TECHNOLOGY FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. 1.00%
On next $500 million............................................... .95%
Over $1 billion.................................................... .90%
</Table>
INCOME FUND AND INFLATION PLUS FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .60%
Over $500 million.................................................. .55%
</Table>
SHORT DURATION FUND, TAX-FREE CALIFORNIA FUND AND TAX-FREE NEW YORK FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .55%
Over $500 million.................................................. .50%
</Table>
AGGRESSIVE GROWTH ALLOCATION FUND, BALANCED ALLOCATION
FUND, CONSERVATIVE ALLOCATION FUND, GROWTH ALLOCATION FUND AND INCOME ALLOCATION
FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------------------------------------------------- -----------
All levels......................................................... 20%
</Table>
SELECT MIDCAP GROWTH FUND
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE
- ------------------------ -----------
On first $500 million.............................................. .90%
On next $500 million............................................... .85%
Over $1 billion.................................................... .80%
</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, 2005, the following
revenues were received by HIFSCO:
<Table>
<Caption>
FRONT-END LOAD CONTINGENT DEFERRED
SALES CHARGE SALES CHARGE
-------------- -------------------
HIFSCO...................................................... $41,380 $4,716
</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 Rule 12b-1 plan applicable
to Class A shares of the Funds provides for payment of a Rule 12b-1 fee
of up to 0.35%, however, the Board of Funds has currently authorized
12b-1 payments of only up to 0.25%. Up to 0.25% of the fee may be used
for shareholder servicing expenses with the remainder used for
distribution expenses. Effective November 1, 2004, the Class A Rule
12b-1 fee for each Fund will be voluntarily capped at 0.25%. The cap may
be removed at any time. Some or the entire Rule 12b-1 fee for Class B
shares may be remitted to broker-dealers for distribution and/or
shareholder account services. Under the Class B Plan, the Fund pays the
Distributor 1.00% of the average daily net assets of Class B shares that
are outstanding for 8 years or less, 0.25% of which is a fee for service
222
- --------------------------------------------------------------------------------
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. 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, 2005, total sales commissions
paid to affiliated brokers/dealers of The Hartford for distributing the
Funds' shares were $2,601. 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:
<Table>
<Caption>
FUND CLASS A CLASS B CLASS C CLASS H CLASS L CLASS M CLASS N CLASS Y
---- ------- ------- ------- ------- ------- ------- ------- -------
Advisers Fund............................. 1.26% NA NA NA NA NA NA NA
Aggressive Allocation Fund*............... 1.65% 2.30% 2.30% NA NA NA NA NA
Balanced Allocation Fund*................. 1.45% 2.15% 2.15% NA NA NA NA NA
Capital Appreciation Fund................. 1.29% NA NA NA NA NA NA NA
Conservative Allocation Fund*............. 1.40% 2.05% 2.05% NA NA NA NA NA
Disciplined Equity Fund................... 1.40% 2.15% 2.15% NA NA NA NA 1.00%
Dividend and Growth Fund.................. 1.25% NA NA NA NA NA NA NA
Equity Income Fund........................ 0.51% NA NA NA NA NA NA NA
Focus Fund................................ 1.60% 2.35% 2.35% NA NA NA NA 1.20%
Global Communications Fund................ 1.60% 2.35% 2.35% NA NA NA NA 1.20%
Global Financial Services Fund............ 1.60% 2.35% 2.35% NA NA NA NA 1.20%
Global Health Fund........................ 1.60% 2.35% 2.35% NA NA NA NA 1.20%
Global Leaders Fund....................... 1.48% 2.35% 2.35% NA NA NA NA 1.20%
Global Technology Fund.................... 1.60% 2.35% 2.35% NA NA NA NA 1.20%
Growth Allocation Fund*................... 1.55% 2.20% 2.20% NA NA NA NA NA
Growth Fund............................... 1.33% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.00%
Growth Opportunities Fund................. 1.36% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.00%
High Yield Fund........................... 1.35% 2.10% 2.10% NA NA NA NA 0.95%
Income Allocation Fund*................... 1.25% 1.95% 1.95% NA NA NA NA NA
Income Fund............................... 0.95% 1.70% 1.70% NA NA NA NA 0.70%
Inflation Plus Fund....................... 0.95% 1.70% 1.70% NA NA NA NA 0.70%
International Capital Appreciation Fund... 1.60% 2.35% 2.35% NA NA NA NA 1.20%
International Opportunities Fund.......... 1.57% 2.35% 2.35% NA NA NA NA 1.20%
International Small Company Fund.......... 1.60% 2.35% 2.35% NA NA NA NA 1.20%
MidCap Fund............................... 1.37% NA NA NA NA NA NA NA
MidCap Value Fund......................... 1.40% 2.15% 2.15% NA NA NA NA 1.00%
Money Market Fund......................... 0.95% 1.70% 1.70% NA NA NA NA 0.55%
Select MidCap Growth...................... 1.50% 2.25% 2.25% NA NA NA NA 1.10%
Short Duration Fund....................... 0.90% 1.65% 1.65% NA NA NA NA 0.65%
SmallCap Growth Fund...................... 1.40% 2.15% 2.15% 2.15% 1.25% 2.15% 2.15% 1.10%
Small Company Fund........................ 1.40% 2.15% 2.15% NA NA NA NA 1.00%
Stock Fund................................ 1.33% NA NA NA NA NA NA NA
Tax-Free California Fund.................. 0.90% 1.65% 1.65% NA NA NA NA NA
Tax-Free Minnesota Fund................... 0.85% 1.60% 1.60% 1.60% 0.90% 1.60% 1.60% NA
Tax-Free National Fund.................... 1.00% 1.75% 1.75% 1.75% 1.05% 1.75% 1.75% NA
Tax-Free New York Fund.................... 0.85% 1.60% 1.60% NA NA NA NA NA
Total Return Bond Fund.................... 1.20% 1.95% 1.95% NA NA NA NA 0.80%
U.S. Government Securities Fund........... 1.15% 1.90% 1.90% 1.90% 1.20% 1.90% 1.90% NA
Value Fund................................ 1.40% 2.15% 2.15% NA NA NA NA 1.00%
Value Opportunities Fund.................. 1.40% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.25%
</Table>
* Voluntary limitations for total operating expenses for the Aggressive
Growth Allocation Fund, the Balanced Allocation Fund, the
Conservative Allocation Fund, the Growth Allocation Fund and the
Income Allocation Fund include expenses incurred as the result of
investing in other investment companies.
The Hartford voluntarily agreed to waive management fees for the Equity
Income Fund until October 31, 2005.
The Hartford may terminate such voluntary and temporary fee waivers and
expense limitation arrangements at any time.
223
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
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.
Due to a change in the transfer agent fees allocation methodology for
transfer agent fees, HIFSCO has reimbursed the following Funds for
transfer agent expenses; Advisers Fund, Disciplined Equity Fund,
Dividend and Growth Fund, High Yield Fund and Total Return Bond Fund.
The amounts reimbursed were: $4,979, $4, $1,110, $34, $82 and $243,
respectively, which represents .2%, .001%, .05%, .03%, .02% and .04% of
average total net assets of each respective Fund. For the year ended
October 31, 2004. These amounts are included on the Payment from
Affiliate line of the Statement of Changes in Net Assets.
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 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, 2005, commission
recapture and custodian fee offset arrangements are as follows:
<Table>
<Caption>
COMMISSION RECAPTURE CUSTODIAN FEE OFFSET
--------------------- --------------------
Advisers Fund............................................... $ 104 $1
Aggressive Growth Allocation Fund........................... -- @@
Balanced Allocation Fund.................................... -- @@
Capital Appreciation Fund................................... 2,087 1
Conservative Allocation Fund................................ -- @@
Disciplined Equity Fund..................................... 32 @@
Dividend and Growth Fund.................................... 150 @@
Equity Income Fund.......................................... 8 @@
Focus Fund.................................................. 14 @@
Global Communications Fund.................................. @@ @@
Global Financial Services Fund.............................. 5 @@
Global Health Fund.......................................... 24 @@
Global Leaders Fund......................................... 552 1
Global Technology Fund...................................... 18 @@
Growth Allocation Fund...................................... -- @@
Growth Fund................................................. 95 @@
Growth Opportunities Fund................................... 323 7
High Yield Fund............................................. -- 5
Income Allocation Fund...................................... -- @@
Income Fund................................................. -- 1
Inflation Plus Fund......................................... -- 2
International Capital Appreciation Fund..................... 83 @@
International Opportunities Fund............................ 59 @@
International Small Company Fund............................ 35 @@
MidCap Fund................................................. 405 1
MidCap Value Fund........................................... 50 @@
Money Market Fund........................................... -- 1
Select MidCap Growth Fund................................... -- @@
Short Duration Fund......................................... -- 1
Small Company Fund.......................................... 79 @@
SmallCap Growth Fund........................................ 11 1
Stock Fund.................................................. 129 @@
Tax-Free California Fund.................................... -- 1
Tax-Free Minnesota Fund..................................... -- 1
Tax-Free National Fund...................................... -- @@
Tax-Free New York Fund...................................... -- 1
Total Return Bond Fund...................................... -- 5
U.S. Government Securities Fund............................. -- 1
Value Fund.................................................. 6 @@
Value Opportunities Fund.................................... 7 @@
</Table>
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, except for the Aggressive Allocation
Fund, the Balanced Allocation Fund, the Conservative Allocation Fund,
the Growth Allocation Fund and the Income Allocation Fund which pay a
fee of 0.01% of each Fund's Class A, B and C average daily net assets.
f) Other Related Party Transactions -- For the six-month period ended April
30, 2005, Hartford Fire was reimbursed $57 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
224
- --------------------------------------------------------------------------------
(HASCO), a wholly owned subsidiary of The Hartford, provides transfer agent
services to the Funds. HASCO was compensated $29,107 for providing such
services.
4. AFFILIATE HOLDINGS:
As of April 30, 2005, affiliates of The Hartford had ownership of shares in
the Funds as follows:
<Table>
<Caption>
FUND CLASS A CLASS B CLASS C CLASS Y
---- ------- ------- ------- -------
Global Communications Fund.................................. 706 -- -- --
Global Financial Services Fund.............................. 570 -- -- --
Income Fund................................................. 471 -- -- 1
Select MidCap Growth Fund................................... 540 20 20 20
Tax-Free California Fund.................................... 774 -- -- NA
Tax-Free Minnesota Fund..................................... -- -- -- @@
Tax-Free National Fund...................................... -- -- -- @@
Tax-Free New York Fund...................................... 883 108 108 NA
U.S. Government Securities 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, 2005, the cost of purchases and
proceeds from sales of securities for the Money Market Fund were $1,062,510
and $1,092,096, 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
PURCHASES SALES PROCEEDS COST OF SALES
(EXCLUDING (EXCLUDING PURCHASES FOR PROCEEDS FOR
U.S. GOVERNMENT U.S. GOVERNMENT (U.S. GOVERNMENT (U.S. GOVERNMENT
FUND OBLIGATIONS) OBLIGATIONS) OBLIGATIONS) OBLIGATIONS)
---- --------------- --------------- ---------------- ----------------
Advisers Fund.................................. $ 224,083 $ 472,330 $165,143 $224,273
Aggressive Growth Allocation Fund.............. 45,518 530 -- --
Balanced Allocation Fund....................... 179,459 3,450 -- --
Capital Appreciation Fund...................... 4,636,825 3,879,776 -- --
Conservative Allocation Fund................... 45,587 2,481 -- --
Disciplined Equity Fund........................ 111,831 110,892 -- --
Dividend and Growth Fund....................... 432,758 304,982 -- --
Equity Income Fund............................. 124,950 26,407 -- --
Focus Fund..................................... 51,912 72,103 -- --
Global Communications Fund..................... 4,861 3,063 -- --
Global Financial Services Fund................. 4,524 4,382 -- --
Global Health Fund............................. 81,941 86,130 -- --
Global Leaders Fund............................ 1,109,393 1,124,663 -- --
Global Technology Fund......................... 42,718 51,509 -- --
Growth Allocation Fund......................... 161,727 82 -- --
Growth Fund.................................... 577,374 372,372 -- --
Growth Opportunities Fund...................... 766,883 697,254 -- --
High Yield Fund................................ 196,418 227,403 -- --
Income Allocation Fund......................... 13,049 3,573 -- --
Income Fund.................................... 15,754 11,959 43,743 38,333
Inflation Plus Fund............................ 50,185 42,936 331,234 189,166
International Capital Appreciation Fund........ 258,234 155,946 -- --
International Opportunities Fund............... 86,718 89,037 -- --
International Small Company Fund............... 69,741 52,963 -- --
MidCap Fund.................................... 1,172,330 1,411,430 -- --
MidCap Value Fund.............................. 135,074 131,242 -- --
Select MidCap Growth Fund...................... 15,506 3,237 -- --
Short Duration Fund............................ 53,627 28,383 55,376 54,845
Small Company Fund............................. 164,397 170,661 -- --
SmallCap Growth Fund........................... 130,895 111,172 -- --
Stock Fund..................................... 180,755 419,344 -- --
Tax-Free California Fund....................... 5,894 3,384 -- --
</Table>
225
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
COST OF
PURCHASES SALES PROCEEDS COST OF SALES
(EXCLUDING (EXCLUDING PURCHASES FOR PROCEEDS FOR
U.S. GOVERNMENT U.S. GOVERNMENT (U.S. GOVERNMENT (U.S. GOVERNMENT
FUND OBLIGATIONS) OBLIGATIONS) OBLIGATIONS) OBLIGATIONS)
---- --------------- --------------- ---------------- ----------------
Tax-Free Minnesota Fund........................ 3,954 2,431 -- --
Tax-Free National Fund......................... 17,961 13,314 -- --
Tax-Free New York Fund......................... 3,997 2,288 -- --
Total Return Bond Fund......................... 380,154 384,262 244,404 208,154
U.S. Government Securities Fund................ 8,087 -- 156,640 171,005
Value Fund..................................... 33,337 11,142 -- --
Value Opportunities Fund....................... 99,860 36,528 -- --
</Table>
6. CAPITAL SHARE TRANSACTIONS:
The following information is for the six-month period ended April 30, 2005
(Unaudited) and period ended October 31, 2004:
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
ADVISERS FUND:
Class A Shares............................ 3,484 20,004 1,186 1,278 (15,013) (19,236)
Amount............................. $ 52,018 $ 292,883 $17,768 $18,724 $(224,305) $(282,489)
Class B Shares............................ 720 3,173 282 188 (5,624) (7,436)
Amount............................. $ 10,647 $ 46,199 $ 4,205 $ 2,706 $ (83,179) $(108,019)
Class C Shares............................ 351 2,841 177 143 (5,469) (8,299)
Amount............................. $ 5,242 $ 41,859 $ 2,665 $ 2,099 $ (81,650) $(121,827)
Class Y Shares............................ 86 327 14 14 (41) (24)
Amount............................. $ 1,298 $ 4,863 $ 204 $ 205 $ (613) $ (360)
AGGRESSIVE GROWTH ALLOCATION FUND:
Class A Shares............................ 2,262 1,274 3 -- (238) (78)
Amount............................. $ 24,790 $ 12,730 $ 34 $ -- $ (2,605) $ (768)
Class B Shares............................ 924 446 -- -- (43) (8)
Amount............................. $ 10,094 $ 4,429 $ 1 $ -- $ (468) $ (79)
Class C Shares............................ 1,256 544 -- -- (41) (20)
Amount............................. $ 13,712 $ 5,433 $ 2 $ -- $ (460) $ (201)
BALANCED ALLOCATION FUND:
Class A Shares............................ 10,438 6,617 62 7 (546) (91)
Amount............................. $ 110,873 $ 66,507 $ 663 $ 67 $ (5,808) $ (919)
Class B Shares............................ 3,101 1,863 6 @@ (163) (30)
Amount............................. $ 32,854 $ 18,687 $ 68 $ 2 $ (1,735) $ (297)
Class C Shares............................ 4,354 2,970 9 @@ (682) (11)
Amount............................. $ 46,105 $ 29,758 $ 96 $ 3 $ (7,267) $ (108)
CAPITAL APPRECIATION FUND:
Class A Shares............................ 28,715 61,773 -- -- (10,342) (14,265)
Amount............................. $ 950,719 $1,817,501 $ -- $ -- $(343,494) $(420,206)
Class B Shares............................ 3,940 9,317 -- -- (2,936) (5,272)
Amount............................. $ 121,836 $ 257,989 $ -- $ -- $ (90,863) $(145,779)
Class C Shares............................ 7,858 14,150 -- -- (3,667) (6,677)
Amount............................. $ 244,333 $ 392,093 $ -- $ -- $(113,989) $(184,938)
Class Y Shares............................ 1,945 1,987 -- -- (201) (129)
Amount............................. $ 67,788 $ 61,273 $ -- $ -- $ (7,190) $ (3,995)
CONSERVATIVE ALLOCATION FUND:
Class A Shares............................ 2,618 3,314 30 3 (308) (14)
Amount............................. $ 27,394 $ 33,400 $ 315 $ 32 $ (3,229) $ (139)
Class B Shares............................ 577 495 4 @@ (57) (8)
Amount............................. $ 6,018 $ 4,983 $ 45 $ 3 $ (595) $ (85)
Class C Shares............................ 1,768 1,065 9 1 (539) (13)
Amount............................. $ 18,493 $ 10,700 $ 94 $ 6 $ (5,615) $ (131)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
ADVISERS FUND:
Class A Shares............................ (10,343) 2,046
Amount............................. $ (154,519) $ 29,118
Class B Shares............................ (4,622) (4,075)
Amount............................. $ (68,327) $ (59,114)
Class C Shares............................ (4,941) (5,315)
Amount............................. $ (73,743) $ (77,869)
Class Y Shares............................ 59 317
Amount............................. $ 889 $ 4,708
AGGRESSIVE GROWTH ALLOCATION FUND:
Class A Shares............................ 2,027 1,196
Amount............................. $ 22,219 $ 11,962
Class B Shares............................ 881 438
Amount............................. $ 9,627 $ 4,350
Class C Shares............................ 1,215 524
Amount............................. $ 13,254 $ 5,232
BALANCED ALLOCATION FUND:
Class A Shares............................ 9,954 6,533
Amount............................. $ 105,728 $ 65,655
Class B Shares............................ 2,944 1,833
Amount............................. $ 31,187 $ 18,392
Class C Shares............................ 3,681 2,959
Amount............................. $ 38,934 $ 29,653
CAPITAL APPRECIATION FUND:
Class A Shares............................ 18,373 47,508
Amount............................. $ 607,225 $1,397,295
Class B Shares............................ 1,004 4,045
Amount............................. $ 30,973 $ 112,210
Class C Shares............................ 4,191 7,473
Amount............................. $ 130,344 $ 207,155
Class Y Shares............................ 1,744 1,858
Amount............................. $ 60,598 $ 57,278
CONSERVATIVE ALLOCATION FUND:
Class A Shares............................ 2,340 3,303
Amount............................. $ 24,480 $ 33,293
Class B Shares............................ 524 487
Amount............................. $ 5,468 $ 4,901
Class C Shares............................ 1,238 1,053
Amount............................. $ 12,972 $ 10,575
</Table>
226
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
DISCIPLINED EQUITY FUND:
Class A Shares............................ 765 3,357 153 14 (2,880) (4,978)
Amount............................. $ 8,612 $ 35,514 $ 1,755 $ 149 $ (32,516) $ (52,961)
Class B Shares............................ 132 432 2 -- (558) (1,001)
Amount............................. $ 1,428 $ 4,431 $ 23 $ -- $ (6,026) $ (10,232)
Class C Shares............................ 89 337 4 -- (708) (1,083)
Amount............................. $ 968 $ 3,454 $ 39 $ -- $ (7,685) $ (11,091)
Class Y Shares............................ 2,323 1,728 29 @@ (6) (6)
Amount............................. $ 26,907 $ 18,721 $ 346 $ 3 $ (75) $ (70)
DIVIDEND AND GROWTH FUND:
Class A Shares............................ 10,440 32,461 1,823 795 (5,991) (11,304)
Amount............................. $ 194,271 $ 551,797 $33,565 $13,732 $(111,373) $(194,553)
Class B Shares............................ 1,863 3,907 243 19 (1,363) (2,102)
Amount............................. $ 34,201 $ 66,363 $ 4,390 $ 335 $ (25,019) $ (35,752)
Class C Shares............................ 1,361 4,149 215 33 (1,637) (2,999)
Amount............................. $ 24,982 $ 70,299 $ 3,890 $ 559 $ (29,977) $ (50,934)
Class Y Shares............................ 1,631 1,986 79 42 (104) (797)
Amount............................. $ 30,672 $ 34,545 $ 1,475 $ 724 $ (1,964) $ (13,917)
EQUITY INCOME FUND:
Class A Shares............................ 8,052 17,305 281 227 (1,208) (1,317)
Amount............................. $ 95,800 $ 189,949 $ 3,330 $ 2,502 $ (14,352) $ (14,509)
Class B Shares............................ 799 1,484 16 11 (107) (91)
Amount............................. $ 9,494 $ 16,339 $ 187 $ 123 $ (1,274) $ (1,005)
Class C Shares............................ 611 3,357 34 29 (297) (214)
Amount............................. $ 7,269 $ 36,979 $ 404 $ 318 $ (3,521) $ (2,351)
Class Y Shares............................ 46 23 1 @@ (15) @@
Amount............................. $ 562 $ 249 $ 7 $ 4 $ (173) $ @@
FOCUS FUND:
Class A Shares............................ 179 1,439 3 -- (1,613) (1,915)
Amount............................. $ 1,707 $ 13,552 $ 29 $ -- $ (15,421) $ (17,884)
Class B Shares............................ 38 189 -- -- (352) (497)
Amount............................. $ 354 $ 1,743 $ -- $ -- $ (3,277) $ (4,566)
Class C Shares............................ 53 429 -- -- (674) (842)
Amount............................. $ 488 $ 3,941 $ -- $ -- $ (6,284) $ (7,684)
Class Y Shares............................ 9 48 @@ -- (49) (40)
Amount............................. $ 84 $ 463 $ 3 $ -- $ (468) $ (373)
GLOBAL COMMUNICATIONS FUND:
Class A Shares............................ 439 606 14 -- (248) (352)
Amount............................. $ 2,719 $ 3,173 $ 89 $ -- $ (1,537) $ (1,854)
Class B Shares............................ 107 113 1 -- (58) (175)
Amount............................. $ 651 $ 583 $ 5 $ -- $ (351) $ (837)
Class C Shares............................ 98 118 1 -- (31) (158)
Amount............................. $ 600 $ 612 $ 4 $ -- $ (188) $ (752)
Class Y Shares............................ 4 31 @@ -- (4) (154)
Amount............................. $ 24 $ 167 $ 2 $ -- $ (24) $ (740)
GLOBAL FINANCIAL SERVICES FUND:
Class A Shares............................ 98 232 14 11 (101) (310)
Amount............................. $ 1,068 $ 2,389 $ 156 $ 110 $ (1,096) $ (3,179)
Class B Shares............................ 13 48 1 1 (14) (137)
Amount............................. $ 140 $ 489 $ 16 $ 7 $ (151) $ (1,318)
Class C Shares............................ 45 61 1 @@ (40) (157)
Amount............................. $ 494 $ 615 $ 12 $ 6 $ (425) $ (1,508)
Class Y Shares............................ 4 3 1 1 (2) (104)
Amount............................. $ 44 $ 32 $ 10 $ 7 $ (18) $ (1,007)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
DISCIPLINED EQUITY FUND:
Class A Shares............................ (1,962) (1,607)
Amount............................. $ (22,149) $ (17,298)
Class B Shares............................ (424) (569)
Amount............................. $ (4,575) $ (5,801)
Class C Shares............................ (615) (746)
Amount............................. $ (6,678) $ (7,637)
Class Y Shares............................ 2,346 1,722
Amount............................. $ 27,178 $ 18,654
DIVIDEND AND GROWTH FUND:
Class A Shares............................ 6,272 21,952
Amount............................. $ 116,463 $ 370,976
Class B Shares............................ 743 1,824
Amount............................. $ 13,572 $ 30,946
Class C Shares............................ (61) 1,183
Amount............................. $ (1,105) $ 19,924
Class Y Shares............................ 1,606 1,231
Amount............................. $ 30,183 $ 21,352
EQUITY INCOME FUND:
Class A Shares............................ 7,125 16,215
Amount............................. $ 84,778 $ 177,942
Class B Shares............................ 708 1,404
Amount............................. $ 8,407 $ 15,457
Class C Shares............................ 348 3,172
Amount............................. $ 4,152 $ 34,946
Class Y Shares............................ 32 23
Amount............................. $ 396 $ 253
FOCUS FUND:
Class A Shares............................ (1,431) (476)
Amount............................. $ (13,685) $ (4,332)
Class B Shares............................ (314) (308)
Amount............................. $ (2,923) $ (2,823)
Class C Shares............................ (621) (413)
Amount............................. $ (5,796) $ (3,743)
Class Y Shares............................ (40) 8
Amount............................. $ (381) $ 90
GLOBAL COMMUNICATIONS FUND:
Class A Shares............................ 205 254
Amount............................. $ 1,271 $ 1,319
Class B Shares............................ 50 (62)
Amount............................. $ 305 $ (254)
Class C Shares............................ 68 (40)
Amount............................. $ 416 $ (140)
Class Y Shares............................ @@ (123)
Amount............................. $ 2 $ (573)
GLOBAL FINANCIAL SERVICES FUND:
Class A Shares............................ 11 (67)
Amount............................. $ 128 $ (680)
Class B Shares............................ @@ (88)
Amount............................. $ 5 $ (822)
Class C Shares............................ 6 (96)
Amount............................. $ 81 $ (887)
Class Y Shares............................ 3 (100)
Amount............................. $ 36 $ (968)
</Table>
227
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
GLOBAL HEALTH FUND:
Class A Shares............................ 1,413 4,099 567 43 (1,498) (1,943)
Amount............................. $ 21,367 $ 61,055 $ 8,478 $ 579 $ (22,553) $ (28,878)
Class B Shares............................ 237 873 225 19 (404) (536)
Amount............................. $ 3,452 $ 12,705 $ 3,252 $ 252 $ (5,883) $ (7,775)
Class C Shares............................ 443 1,130 210 17 (524) (756)
Amount............................. $ 6,447 $ 16,402 $ 3,033 $ 230 $ (7,642) $ (10,920)
Class Y Shares............................ 9,876 20 4 @@ (14) (14)
Amount............................. $ 152,872 $ 300 $ 64 $ 5 $ (228) $ (205)
GLOBAL LEADERS FUND:
Class A Shares............................ 2,601 8,714 -- -- (2,798) (13,745)
Amount............................. $ 44,128 $ 134,534 $ -- $ -- $ (47,141) $(214,196)
Class B Shares............................ 415 856 -- -- (625) (1,008)
Amount............................. $ 6,722 $ 12,890 $ -- $ -- $ (10,020) $ (15,171)
Class C Shares............................ 344 963 -- -- (745) (1,244)
Amount............................. $ 5,602 $ 14,553 $ -- $ -- $ (12,007) $ (18,640)
Class Y Shares............................ 798 2,238 -- -- (61) (119)
Amount............................. $ 13,820 $ 35,831 $ -- $ -- $ (1,093) $ (1,968)
GLOBAL TECHNOLOGY FUND:
Class A Shares............................ 444 3,193 -- -- (1,408) (3,006)
Amount............................. $ 2,016 $ 15,225 $ -- $ -- $ (6,399) $ (14,082)
Class B Shares............................ 124 626 -- -- (373) (660)
Amount............................. $ 544 $ 2,862 $ -- $ -- $ (1,630) $ (2,947)
Class C Shares............................ 92 794 -- -- (800) (1,166)
Amount............................. $ 406 $ 3,684 $ -- $ -- $ (3,550) $ (5,137)
Class Y Shares............................ 32 246 -- -- (123) (169)
Amount............................. $ 150 $ 1,197 $ -- $ -- $ (580) $ (776)
GROWTH ALLOCATION FUND:
Class A Shares............................ 8,686 4,214 19 -- (355) (37)
Amount............................. $ 93,838 $ 42,297 $ 215 $ -- $ (3,844) $ (376)
Class B Shares............................ 2,832 1,381 3 -- (125) (9)
Amount............................. $ 30,497 $ 13,837 $ 32 $ -- $ (1,337) $ (92)
Class C Shares............................ 4,174 2,071 4 -- (141) (18)
Amount............................. $ 44,997 $ 20,769 $ 44 $ -- $ (1,524) $ (174)
GROWTH FUND:
Class A Shares............................ 13,604 21,155 -- -- (3,012) (2,175)
Amount............................. $ 225,856 $ 338,377 $ -- $ -- $ (49,848) $ (34,755)
Class B Shares............................ 785 1,608 -- -- (218) (219)
Amount............................. $ 11,717 $ 23,159 $ -- $ -- $ (3,260) $ (3,051)
Class C Shares............................ 1,691 2,743 -- -- (343) (331)
Amount............................. $ 25,273 $ 39,544 $ -- $ -- $ (5,080) $ (4,703)
Class H Shares............................ 42 97 -- -- (234) (451)
Amount............................. $ 633 $ 1,409 $ -- $ -- $ (3,516) $ (6,542)
Class L Shares............................ 333 720 -- -- (1,430) (2,456)
Amount............................. $ 5,565 $ 11,614 $ -- $ -- $ (24,076) $ (39,495)
Class M Shares............................ 55 122 -- -- (199) (359)
Amount............................. $ 828 $ 1,761 $ -- $ -- $ (2,985) $ (5,186)
Class N Shares............................ 11 23 -- -- (15) (52)
Amount............................. $ 161 $ 330 $ -- $ -- $ (228) $ (742)
Class Y Shares............................ 1,482 728 -- -- (3) (1)
Amount............................. $ 25,003 $ 11,615 $ -- $ -- $ (56) $ (20)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
GLOBAL HEALTH FUND:
Class A Shares............................ 482 2,199
Amount............................. $ 7,292 $ 32,756
Class B Shares............................ 58 356
Amount............................. $ 821 $ 5,182
Class C Shares............................ 129 391
Amount............................. $ 1,838 $ 5,712
Class Y Shares............................ 9,866 6
Amount............................. $ 152,708 $ 100
GLOBAL LEADERS FUND:
Class A Shares............................ (197) (5,031)
Amount............................. $ (3,013) $ (79,662)
Class B Shares............................ (210) (152)
Amount............................. $ (3,298) $ (2,281)
Class C Shares............................ (401) (281)
Amount............................. $ (6,405) $ (4,087)
Class Y Shares............................ 737 2,119
Amount............................. $ 12,727 $ 33,863
GLOBAL TECHNOLOGY FUND:
Class A Shares............................ (964) 187
Amount............................. $ (4,383) $ 1,143
Class B Shares............................ (249) (34)
Amount............................. $ (1,086) $ (85)
Class C Shares............................ (708) (372)
Amount............................. $ (3,144) $ (1,453)
Class Y Shares............................ (91) 77
Amount............................. $ (430) $ 421
GROWTH ALLOCATION FUND:
Class A Shares............................ 8,350 4,177
Amount............................. $ 90,209 $ 41,921
Class B Shares............................ 2,710 1,372
Amount............................. $ 29,192 $ 13,745
Class C Shares............................ 4,037 2,053
Amount............................. $ 43,517 $ 20,595
GROWTH FUND:
Class A Shares............................ 10,592 18,980
Amount............................. $ 176,008 $ 303,622
Class B Shares............................ 567 1,389
Amount............................. $ 8,457 $ 20,108
Class C Shares............................ 1,348 2,412
Amount............................. $ 20,193 $ 34,841
Class H Shares............................ (192) (354)
Amount............................. $ (2,883) $ (5,133)
Class L Shares............................ (1,097) (1,736)
Amount............................. $ (18,511) $ (27,881)
Class M Shares............................ (144) (237)
Amount............................. $ (2,157) $ (3,425)
Class N Shares............................ (4) (29)
Amount............................. $ (67) $ (412)
Class Y Shares............................ 1,479 727
Amount............................. $ 24,947 $ 11,595
</Table>
228
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
GROWTH OPPORTUNITIES FUND:
Class A Shares............................ 3,009 1,836 -- -- (291) (317)
Amount............................. $ 74,732 $ 41,525 $ -- $ -- $ (7,145) $ (7,148)
Class B Shares............................ 205 390 -- -- (48) (71)
Amount............................. $ 4,487 $ 7,860 $ -- $ -- $ (1,039) $ (1,431)
Class C Shares............................ 175 432 -- -- (69) (136)
Amount............................. $ 3,813 $ 8,695 $ -- $ -- $ (1,501) $ (2,722)
Class H Shares............................ 66 149 -- -- (256) (646)
Amount............................. $ 1,449 $ 3,027 $ -- $ -- $ (5,632) $ (13,128)
Class L Shares............................ 384 905 -- -- (1,408) (3,294)
Amount............................. $ 9,520 $ 20,802 $ -- $ -- $ (35,120) $ (75,949)
Class M Shares............................ 44 95 -- -- (127) (306)
Amount............................. $ 981 $ 1,932 $ -- $ -- $ (2,789) $ (6,182)
Class N Shares............................ 8 19 -- -- (15) (34)
Amount............................. $ 172 $ 401 $ -- $ -- $ (323) $ (693)
Class Y Shares............................ 318 201 -- -- (1) @@
Amount............................. $ 7,892 $ 4,591 $ -- $ -- $ (36) $ (2)
Class Z Shares............................ 11 29 -- -- (165) (148)
Amount............................. $ 302 $ 700 $ -- $ -- $ (4,304) $ (3,494)
HIGH YIELD FUND:
Class A Shares............................ 4,736 15,138 727 1,445 (9,039) (13,206)
Amount............................. $ 38,645 $ 121,323 $ 5,890 $11,602 $ (73,595) $(105,905)
Class B Shares............................ 398 1,635 137 304 (1,487) (3,225)
Amount............................. $ 3,242 $ 13,122 $ 1,104 $ 2,440 $ (12,079) $ (25,767)
Class C Shares............................ 801 2,699 138 301 (2,272) (4,067)
Amount............................. $ 6,530 $ 21,604 $ 1,119 $ 2,409 $ (18,430) $ (32,481)
Class Y Shares............................ 480 1,988 70 23 (86) (3)
Amount............................. $ 3,883 $ 15,965 $ 564 $ 183 $ (692) $ (28)
INCOME ALLOCATION FUND:
Class A Shares............................ 821 1,075 15 3 (383) (39)
Amount............................. $ 8,304 $ 10,853 $ 154 $ 25 $ (3,872) $ (391)
Class B Shares............................ 227 166 3 1 (17) @@
Amount............................. $ 2,290 $ 1,677 $ 25 $ 4 $ (159) $ @@
Class C Shares............................ 429 481 5 1 (218) (1)
Amount............................. $ 4,337 $ 4,849 $ 53 $ 13 $ (2,199) $ (12)
INCOME FUND:
Class A Shares............................ 452 1,727 62 100 (593) (572)
Amount............................. $ 4,782 $ 18,318 $ 656 $ 1,060 $ (6,304) $ (6,021)
Class B Shares............................ 95 323 8 12 (103) (266)
Amount............................. $ 1,004 $ 3,438 $ 88 $ 131 $ (1,096) $ (2,821)
Class C Shares............................ 77 370 8 13 (80) (344)
Amount............................. $ 815 $ 3,951 $ 88 $ 141 $ (843) $ (3,664)
Class Y Shares............................ 969 1 11 @@ (3) --
Amount............................. $ 10,237 $ 10 $ 119 @@ $ (35) $ --
INFLATION PLUS FUND:
Class A Shares............................ 8,667 23,222 585 605 (4,518) (8,615)
Amount............................. $ 94,443 $ 250,275 $ 6,343 $ 6,490 $ (49,205) $ (93,130)
Class B Shares............................ 1,534 4,655 152 163 (728) (1,361)
Amount............................. $ 16,712 $ 50,155 $ 1,653 $ 1,747 $ (7,933) $ (14,644)
Class C Shares............................ 8,992 20,033 468 465 (4,422) (6,366)
Amount............................. $ 97,851 $ 215,788 $ 5,073 $ 4,979 $ (48,139) $ (68,390)
Class Y Shares............................ 3,578 2,091 83 12 (32) (3)
Amount............................. $ 38,979 $ 22,705 $ 906 $ 129 $ (345) $ (32)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
GROWTH OPPORTUNITIES FUND:
Class A Shares............................ 2,718 1,519
Amount............................. $ 67,587 $ 34,377
Class B Shares............................ 157 319
Amount............................. $ 3,448 $ 6,429
Class C Shares............................ 106 296
Amount............................. $ 2,312 $ 5,973
Class H Shares............................ (190) (497)
Amount............................. $ (4,183) $ (10,101)
Class L Shares............................ (1,024) (2,389)
Amount............................. $ (25,600) $ (55,147)
Class M Shares............................ (83) (211)
Amount............................. $ (1,808) $ (4,250)
Class N Shares............................ $ (7) (15)
Amount............................. $ (151) $ (292)
Class Y Shares............................ 317 201
Amount............................. $ 7,856 $ 4,589
Class Z Shares............................ (154) (119)
Amount............................. $ (4,002) $ (2,794)
HIGH YIELD FUND:
Class A Shares............................ (3,576) 3,377
Amount............................. $ (29,060) $ 27,020
Class B Shares............................ (952) (1,286)
Amount............................. $ (7,733) $ (10,205)
Class C Shares............................ (1,333) (1,067)
Amount............................. $ (10,781) $ (8,468)
Class Y Shares............................ 464 2,008
Amount............................. $ 3,755 $ 16,120
INCOME ALLOCATION FUND:
Class A Shares............................ 453 1,039
Amount............................. $ 4,586 $ 10,487
Class B Shares............................ 213 167
Amount............................. $ 2,156 $ 1,681
Class C Shares............................ 216 481
Amount............................. $ 2,191 $ 4,850
INCOME FUND:
Class A Shares............................ (79) 1,255
Amount............................. $ (866) $ 13,357
Class B Shares............................ @@ 69
Amount............................. $ (4) $ 748
Class C Shares............................ 5 39
Amount............................. $ 60 $ 428
Class Y Shares............................ 977 1
Amount............................. $ 10,321 $ 10
INFLATION PLUS FUND:
Class A Shares............................ 4,734 15,212
Amount............................. $ 51,581 $ 163,635
Class B Shares............................ 958 3,457
Amount............................. $ 10,432 $ 37,258
Class C Shares............................ 5,038 14,132
Amount............................. $ 54,785 $ 152,377
Class Y Shares............................ 3,629 2,100
Amount............................. $ 39,540 $ 22,802
</Table>
229
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
INTERNATIONAL CAPITAL APPRECIATION FUND:
Class A Shares............................ 6,247 4,060 -- 7 (865) (930)
Amount............................. $ 75,538 $ 43,529 $ -- $ 69 $ (10,338) $ (9,755)
Class B Shares............................ 1,002 942 -- 1 (121) (377)
Amount............................. $ 11,790 $ 9,962 $ -- $ 12 $ (1,411) $ (3,903)
Class C Shares............................ 1,428 1,175 -- 1 (240) (277)
Amount............................. $ 16,836 $ 12,442 $ -- $ 13 $ (2,814) $ (2,893)
Class Y Shares............................ 2,058 2,440 -- @@ (251) (16)
Amount............................. $ 24,877 $ 26,773 $ -- $ 1 $ (3,038) $ (174)
INTERNATIONAL OPPORTUNITIES FUND:
Class A Shares............................ 835 2,241 -- 3 (819) (1,619)
Amount............................. $ 10,111 $ 23,586 $ -- $ 31 $ (9,923) $ (17,271)
Class B Shares............................ 181 356 -- -- (251) (385)
Amount............................. $ 2,078 $ 3,604 $ -- $ -- $ (2,882) $ (3,882)
Class C Shares............................ 145 490 -- -- (218) (615)
Amount............................. $ 1,647 $ 4,918 $ -- $ -- $ (2,473) $ (6,142)
Class Y Shares............................ 46 193 -- 3 (16) (435)
Amount............................. $ 576 $ 2,093 $ -- $ 28 $ (202) $ (4,729)
INTERNATIONAL SMALL COMPANY FUND:
Class A Shares............................ 732 1,317 200 65 (358) (554)
Amount............................. $ 9,785 $ 17,168 $ 2,473 $ 789 $ (4,762) $ (10,846)
Class B Shares............................ 158 185 32 12 (69) (38)
Amount............................. $ 2,089 $ 2,374 $ 389 $ 140 $ (903) $ (408)
Class C Shares............................ 191 677 91 19 (108) (200)
Amount............................. $ 2,479 $ 8,742 $ 1,092 $ 229 $ (1,377) $ (1,861)
Class Y Shares............................ 1,118 1,229 382 145 (80) (38)
Amount............................. $ 14,993 $ 16,166 $ 4,758 $ 1,779 $ (1,070) $ (432)
MIDCAP FUND:
Class A Shares............................ 2,576 10,517 1,383 -- (7,313) (10,854)
Amount............................. $ 61,674 $ 226,797 $31,412 $ -- $(174,100) $(234,207)
Class B Shares............................ 98 1,045 425 -- (1,142) (2,205)
Amount............................. $ 2,188 $ 21,514 $ 9,150 $ -- $ (25,871) $ (45,362)
Class C Shares............................ 97 1,528 459 -- (1,693) (3,269)
Amount............................. $ 2,205 $ 31,366 $ 9,908 $ -- $ (38,467) $ (67,414)
Class Y Shares............................ 535 1,439 89 -- (172) (938)
Amount............................. $ 13,306 $ 32,130 $ 2,097 $ -- $ (4,313) $ (21,064)
MIDCAP VALUE FUND:
Class A Shares............................ 197 9,912 1,692 -- (1,332) (1,932)
Amount............................. $ 2,513 $ 120,745 $20,631 $ -- $ (17,058) $ (23,847)
Class B Shares............................ 54 1,557 368 -- (332) (557)
Amount............................. $ 670 $ 18,732 $ 4,365 $ -- $ (4,110) $ (6,685)
Class C Shares............................ 44 1,867 405 -- (520) (988)
Amount............................. $ 550 $ 22,451 $ 4,809 $ -- $ (6,481) $ (11,899)
Class Y Shares............................ 2,133 186 18 -- (4) --
Amount............................. $ 27,607 $ 2,346 $ 221 $ -- $ (41) $ (4)
MONEY MARKET FUND:
Class A Shares............................ 112,652 268,280 1,284 562 (131,737) (309,599)
Amount............................. $ 112,652 $ 268,280 $ 1,284 $ 562 $(131,737) $(309,599)
Class B Shares............................ 10,445 33,505 123 5 (20,076) (55,406)
Amount............................. $ 10,445 $ 33,505 $ 123 $ 5 $ (20,076) $ (55,406)
Class C Shares............................ 15,063 46,289 70 3 (19,540) (49,621)
Amount............................. $ 15,063 $ 46,289 $ 70 $ 3 $ (19,540) $ (49,621)
Class Y Shares............................ 5,073 8,799 108 21 (1,656) (284)
Amount............................. $ 5,073 $ 8,799 $ 108 $ 21 $ (1,656) $ (284)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
INTERNATIONAL CAPITAL APPRECIATION FUND:
Class A Shares............................ 5,382 3,137
Amount............................. $ 65,200 $ 33,843
Class B Shares............................ 881 566
Amount............................. $ 10,379 $ 6,071
Class C Shares............................ 1,188 899
Amount............................. $ 14,022 $ 9,562
Class Y Shares............................ 1,807 $ 2,424
Amount............................. $ 21,839 $ 26,600
INTERNATIONAL OPPORTUNITIES FUND:
Class A Shares............................ 16 625
Amount............................. $ 188 $ 6,346
Class B Shares............................ (70) (29)
Amount............................. $ (804) $ (278)
Class C Shares............................ (73) (125)
Amount............................. $ (826) $ (1,224)
Class Y Shares............................ 30 (239)
Amount............................. $ 374 $ (2,608)
INTERNATIONAL SMALL COMPANY FUND:
Class A Shares............................ 574 828
Amount............................. $ 7,496 $ 10,982
Class B Shares............................ 121 108
Amount............................. $ 1,575 $ 1,408
Class C Shares............................ 174 532
Amount............................. $ 2,194 $ 6,922
Class Y Shares............................ 1,420 1,201
Amount............................. $ 18,681 $ 15,694
MIDCAP FUND:
Class A Shares............................ (3,354) (337)
Amount............................. $ (81,014) $ (7,410)
Class B Shares............................ (619) (1,160)
Amount............................. $ (14,533) $ (23,848)
Class C Shares............................ (1,137) (1,741)
Amount............................. $ (26,354) $ (36,048)
Class Y Shares............................ 452 501
Amount............................. $ 11,090 $ 11,066
MIDCAP VALUE FUND:
Class A Shares............................ 557 7,980
Amount............................. $ 6,086 $ 96,898
Class B Shares............................ 90 1,000
Amount............................. $ 925 $ 12,047
Class C Shares............................ (71) 879
Amount............................. $ (1,122) $ 10,552
Class Y Shares............................ 2,147 186
Amount............................. $ 27,787 $ 2,342
MONEY MARKET FUND:
Class A Shares............................ (17,801) (40,757)
Amount............................. $ (17,801) $ (40,757)
Class B Shares............................ (9,508) (21,896)
Amount............................. $ (9,508) $ (21,896)
Class C Shares............................ (4,407) (3,329)
Amount............................. $ (4,407) $ (3,329)
Class Y Shares............................ 3,525 8,536
Amount............................. $ 3,525 $ 8,536
</Table>
230
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
SELECT MIDCAP GROWTH FUND:
Class A Shares............................ 1,073 -- -- -- (14) --
Amount............................. $ 10,601 $ -- $ -- $ -- $ (139) $ --
Class B Shares............................ 145 -- -- -- (2) --
Amount............................. $ 1,421 $ -- $ -- $ -- $ (27) $ --
Class C Shares............................ 95 -- -- -- (1) --
Amount............................. $ 941 $ -- $ -- $ -- $ (15) $ --
Class Y Shares............................ 20 -- -- -- -- --
Amount............................. $ 200 $ -- $ -- $ -- $ -- $ --
SHORT DURATION FUND:
Class A Shares............................ 771 3,953 45 84 (985) (3,384)
Amount............................. $ 7,714 $ 40,074 $ 453 $ 849 $ (9,853) $ (34,319)
Class B Shares............................ 109 598 10 21 (322) (409)
Amount............................. $ 1,086 $ 6,048 $ 98 $ 213 $ (3,218) $ (4,134)
Class C Shares............................ 440 2,620 26 59 (946) (2,236)
Amount............................. $ 4,408 $ 26,506 $ 259 $ 596 $ (9,460) $ (22,610)
Class Y Shares............................ 3,411 3,109 80 15 (119) (4)
Amount............................. $ 34,058 $ 31,331 $ 797 $ 150 $ (1,185) $ (37)
SMALL COMPANY FUND:
Class A Shares............................ 164 3,778 -- -- (1,117) (3,319)
Amount............................. $ 2,633 $ 56,945 $ -- $ -- $ (17,874) $ (49,235)
Class B Shares............................ 30 574 -- -- (425) (766)
Amount............................. $ 444 $ 8,208 $ -- $ -- $ (6,346) $ (10,826)
Class C Shares............................ 20 759 -- -- (579) (1,129)
Amount............................. $ 297 $ 10,913 $ -- $ -- $ (8,683) $ (15,851)
Class Y Shares............................ 1,155 717 -- -- (41) (694)
Amount............................. $ 19,160 $ 10,759 $ -- $ -- $ (692) $ (11,024)
SMALLCAP GROWTH FUND:
Class A Shares............................ 488 1,534 -- -- (340) (553)
Amount............................. $ 12,810 $ 37,161 $ -- $ -- $ (8,894) $ (13,298)
Class B Shares............................ 108 305 -- -- (56) (85)
Amount............................. $ 2,579 $ 6,755 $ -- $ -- $ (1,339) $ (1,879)
Class C Shares............................ 96 312 -- -- (88) (101)
Amount............................. $ 2,313 $ 6,832 $ -- $ -- $ (2,111) $ (2,167)
Class H Shares............................ 22 60 -- -- (130) (276)
Amount............................. $ 535 $ 1,319 $ -- $ -- $ (3,123) $ (6,068)
Class L Shares............................ 182 389 -- -- (401) (661)
Amount............................. $ 4,785 $ 9,377 $ -- $ -- $ (10,612) $ (15,890)
Class M Shares............................ 23 54 -- -- (92) (190)
Amount............................. $ 557 $ 1,173 $ -- $ -- $ (2,206) $ (4,155)
Class N Shares............................ 10 26 -- -- (33) (45)
Amount............................. $ 247 $ 564 $ -- $ -- $ (801) $ (961)
Class Y Shares............................ 940 234 -- -- (5) (1)
Amount............................. $ 25,030 $ 5,510 $ -- $ -- $ (152) $ (36)
STOCK FUND:
Class A Shares............................ 1,814 9,128 310 -- (9,747) (12,557)
Amount............................. $ 31,659 $ 155,035 $ 5,503 $ -- $(170,115) $(213,600)
Class B Shares............................ 386 1,547 -- -- (3,250) (4,292)
Amount............................. $ 6,326 $ 24,965 $ -- $ -- $ (53,449) $ (68,863)
Class C Shares............................ 285 1,481 -- -- (3,695) (5,542)
Amount............................. $ 4,730 $ 24,036 $ -- $ -- $ (61,167) $ (89,286)
Class Y Shares............................ 761 2,166 55 -- (196) (91)
Amount............................. $ 13,867 $ 38,196 $ 1,005 $ -- $ (3,572) $ (1,606)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
SELECT MIDCAP GROWTH FUND:
Class A Shares............................ 1,059 --
Amount............................. $ 10,462 $ --
Class B Shares............................ 143 --
Amount............................. $ 1,394 $ --
Class C Shares............................ 94 --
Amount............................. $ 926 $ --
Class Y Shares............................ 20 --
Amount............................. $ 200 $ --
SHORT DURATION FUND:
Class A Shares............................ (169) 653
Amount............................. $ (1,686) $ 6,604
Class B Shares............................ (203) 210
Amount............................. $ (2,034) $ 2,127
Class C Shares............................ (480) 443
Amount............................. $ (4,793) $ 4,492
Class Y Shares............................ 3,372 3,120
Amount............................. $ 33,670 $ 31,444
SMALL COMPANY FUND:
Class A Shares............................ (953) 459
Amount............................. $ (15,241) $ 7,710
Class B Shares............................ (395) (192)
Amount............................. $ (5,902) $ (2,618)
Class C Shares............................ (559) (370)
Amount............................. $ (8,386) $ (4,938)
Class Y Shares............................ 1,114 23
Amount............................. $ 18,468 $ (265)
SMALLCAP GROWTH FUND:
Class A Shares............................ 148 981
Amount............................. $ 3,916 $ 23,863
Class B Shares............................ 52 220
Amount............................. $ 1,240 $ 4,876
Class C Shares............................ 8 211
Amount............................. $ 202 $ 4,665
Class H Shares............................ (108) (216)
Amount............................. $ (2,588) $ (4,749)
Class L Shares............................ (219) (272)
Amount............................. $ (5,827) $ (6,513)
Class M Shares............................ (69) (136)
Amount............................. $ (1,649) $ (2,982)
Class N Shares............................ (23) (19)
Amount............................. $ (554) $ (397)
Class Y Shares............................ 935 233
Amount............................. $ 24,878 $ 5,474
STOCK FUND:
Class A Shares............................ (7,623) (3,429)
Amount............................. $ (132,953) $ (58,565)
Class B Shares............................ (2,864) (2,745)
Amount............................. $ (47,123) $ (43,898)
Class C Shares............................ (3,410) (4,061)
Amount............................. $ (56,437) $ (65,250)
Class Y Shares............................ 620 2,075
Amount............................. $ 11,300 $ 36,590
</Table>
231
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
TAX-FREE CALIFORNIA FUND:
Class A Shares............................ 192 692 22 52 (158) (394)
Amount............................. $ 1,977 $ 6,995 $ 227 $ 519 $ (1,632) $ (3,908)
Class B Shares............................ 6 26 1 3 (2) (114)
Amount............................. $ 66 $ 264 $ 12 $ 29 $ (26) $ (1,147)
Class C Shares............................ 21 123 2 2 (8) (109)
Amount............................. $ 222 $ 1,252 $ 19 $ 18 $ (83) $ (1,097)
TAX-FREE MINNESOTA FUND:
Class A Shares............................ 112 148 7 22 (33) (69)
Amount............................. $ 1,167 $ 1,553 $ 76 $ 224 $ (342) $ (718)
Class B Shares............................ 10 21 1 3 (2) (13)
Amount............................. $ 101 $ 220 $ 9 $ 26 $ (17) $ (134)
Class C Shares............................ 3 1 @@ 2 (3) (11)
Amount............................. $ 34 $ 5 $ 5 $ 20 $ (35) $ (115)
Class E Shares............................ 7 33 36 134 (67) (394)
Amount............................. $ 73 $ 364 $ 375 $ 1,408 $ (695) $ (4,133)
Class H Shares............................ @@ 9 @@ 1 @@ (14)
Amount............................. @@ $ 100 $ 2 $ 8 $ (1) $ (149)
Class L Shares............................ 16 16 4 15 (8) (46)
Amount............................. $ 167 $ 173 $ 44 $ 152 $ (88) $ (475)
Class M Shares............................ 1 @@ @@ 1 (9) (24)
Amount............................. $ 15 $ 1 $ 2 $ 15 $ (94) $ (265)
Class N Shares............................ 1 @@ @@ 1 (1) (1)
Amount............................. $ 5 $ 4 $ 2 $ 9 $ (11) $ (11)
Class Y Shares............................ @@ -- -- @@ -- --
Amount............................. $ @@ $ -- $ -- $ @@ $ -- $ --
TAX-FREE NATIONAL FUND:
Class A Shares............................ 654 1,938 57 131 (413) (871)
Amount............................. $ 7,338 $ 21,611 $ 636 $ 1,457 $ (4,626) $ (9,642)
Class B Shares............................ 89 85 7 24 (54) (150)
Amount............................. $ 988 $ 954 $ 83 $ 261 $ (602) $ (1,648)
Class C Shares............................ 121 336 6 24 (161) (301)
Amount............................. $ 1,344 $ 3,709 $ 70 $ 268 $ (1,791) $ (3,329)
Class E Shares............................ 51 71 41 124 (96) (408)
Amount............................. $ 572 $ 821 $ 461 $ 1,366 $ (1,072) $ (4,526)
Class H Shares............................ @@ @@ 1 4 (18) (104)
Amount............................. $ @@ $ 3 $ 6 $ 46 $ (197) $ (1,161)
Class L Shares............................ 40 118 10 30 (20) (137)
Amount............................. $ 447 $ 1,319 $ 113 $ 328 $ (222) $ (1,512)
Class M Shares............................ 2 24 1 5 (8) (16)
Amount............................. $ 17 $ 270 $ 16 $ 51 $ (89) $ (175)
Class N Shares............................ @@ @@ 1 2 (1) (8)
Amount............................. $ @@ $ 2 $ 8 $ 26 $ (5) $ (96)
Class Y Shares............................ @@ -- @@ @@ -- --
Amount............................. $ @@ $ -- $ @@ $ @@ $ -- $ --
TAX-FREE NEW YORK FUND:
Class A Shares............................ 32 139 19 43 (2) (17)
Amount............................. $ 334 $ 1,432 $ 196 $ 437 $ (22) $ (181)
Class B Shares............................ 9 42 2 4 -- @@
Amount............................. $ 85 $ 431 $ 22 $ 48 $ -- $ @@
Class C Shares............................ 19 57 3 6 (7) (11)
Amount............................. $ 196 $ 583 $ 25 $ 59 $ (70) $ (104)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
TAX-FREE CALIFORNIA FUND:
Class A Shares............................ 56 350
Amount............................. $ 572 $ 3,606
Class B Shares............................ 5 (85)
Amount............................. $ 52 $ (854)
Class C Shares............................ 15 16
Amount............................. $ 158 $ 173
TAX-FREE MINNESOTA FUND:
Class A Shares............................ 86 101
Amount............................. $ 901 $ 1,059
Class B Shares............................ 9 11
Amount............................. $ 93 $ 112
Class C Shares............................ @@ (8)
Amount............................. $ 4 $ (90)
Class E Shares............................ (24) (227)
Amount............................. $ (247) $ (2,361)
Class H Shares............................ @@ (4)
Amount............................. $ 1 $ (41)
Class L Shares............................ 12 (15)
Amount............................. $ 123 $ (150)
Class M Shares............................ (8) (23)
Amount............................. $ (77) $ (249)
Class N Shares............................ @@ @@
Amount............................. $ (4) $ 2
Class Y Shares............................ -- @@
Amount............................. $ @@ $ @@
TAX-FREE NATIONAL FUND:
Class A Shares............................ 298 1,198
Amount............................. $ 3,348 $ 13,426
Class B Shares............................ 42 (41)
Amount............................. $ 469 $ (433)
Class C Shares............................ (34) 59
Amount............................. $ (377) $ 648
Class E Shares............................ (4) (213)
Amount............................. $ (39) $ (2,339)
Class H Shares............................ (17) (100)
Amount............................. $ (191) $ (1,112)
Class L Shares............................ 30 11
Amount............................. $ 338 $ 135
Class M Shares............................ (5) 13
Amount............................. $ (56) $ 146
Class N Shares............................ @@ (6)
Amount............................. $ 3 $ (68)
Class Y Shares............................ @@ @@
Amount............................. $ @@ $ @@
TAX-FREE NEW YORK FUND:
Class A Shares............................ 49 165
Amount............................. $ 508 $ 1,688
Class B Shares............................ 11 46
Amount............................. $ 107 $ 479
Class C Shares............................ 15 52
Amount............................. $ 151 $ 538
</Table>
232
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED
------------------------ -------------------- ----------------------
2005 2004 2005 2004 2005 2004
---------- ---------- -------- -------- --------- ---------
TOTAL RETURN BOND FUND:
Class A Shares............................ 2,779 9,732 549 1,649 (3,142) (8,220)
Amount............................. $ 30,243 $ 105,640 $ 5,956 $17,740 $ (34,136) $ (88,960)
Class B Shares............................ 460 1,337 127 498 (1,064) (2,978)
Amount............................. $ 4,974 $ 14,446 $ 1,372 $ 5,327 $ (11,497) $ (32,116)
Class C Shares............................ 443 1,735 115 491 (1,373) (3,976)
Amount............................. $ 4,818 $ 18,830 $ 1,255 $ 5,276 $ (14,936) $ (42,993)
Class Y Shares............................ 4,408 4,596 269 419 (185) (1,204)
Amount............................. $ 48,417 $ 50,328 $ 2,946 $ 4,549 $ (2,021) $ (13,251)
U.S. GOVERNMENT SECURITIES FUND:
Class A Shares............................ 727 1,937 101 229 (1,003) (3,389)
Amount............................. $ 6,967 $ 18,712 $ 961 $ 2,207 $ (9,597) $ (32,742)
Class B Shares............................ 140 383 39 96 (418) (1,718)
Amount............................. $ 1,333 $ 3,698 $ 366 $ 920 $ (3,972) $ (16,532)
Class C Shares............................ 252 495 19 54 (408) (1,863)
Amount............................. $ 2,403 $ 4,749 $ 183 $ 513 $ (3,873) $ (17,923)
Class E Shares............................ 49 110 202 451 (928) (2,198)
Amount............................. $ 464 $ 1,064 $ 1,923 $ 4,337 $ (8,855) $ (21,185)
Class H Shares............................ 10 15 6 16 (79) (277)
Amount............................. $ 98 $ 146 $ 56 $ 158 $ (755) $ (2,663)
Class L Shares............................ 117 235 67 149 (321) (852)
Amount............................. $ 1,122 $ 2,270 $ 638 $ 1,438 $ (3,071) $ (8,212)
Class M Shares............................ 13 27 5 14 (83) (132)
Amount............................. $ 122 $ 257 $ 51 $ 133 $ (785) $ (1,277)
Class N Shares............................ 3 5 2 4 (13) (43)
Amount............................. $ 27 $ 42 $ 17 $ 41 $ (123) $ (413)
Class Y Shares............................ 737 -- 9 @@ -- --
Amount............................. $ 7,057 $ -- $ 80 $ @@ $ -- $ --
VALUE FUND:
Class A Shares............................ 553 1,944 20 39 (479) (849)
Amount............................. $ 5,696 $ 18,291 $ 204 $ 368 $ (4,928) $ (8,023)
Class B Shares............................ 116 241 -- 1 (92) (137)
Amount............................. $ 1,178 $ 2,259 $ -- $ 13 $ (939) $ (1,282)
Class C Shares............................ 65 279 -- 2 (156) (310)
Amount............................. $ 666 $ 2,600 $ -- $ 18 $ (1,587) $ (2,903)
Class Y Shares............................ 2,296 2,200 32 @@ (10) (3)
Amount............................. $ 23,338 $ 20,813 $ 328 $ @@ $ (105) $ (31)
VALUE OPPORTUNITIES FUND:
Class A Shares............................ 1,056 1,411 -- -- (155) (148)
Amount............................. $ 16,087 $ 18,872 $ -- $ -- $ (2,367) $ (1,981)
Class B Shares............................ 312 315 -- -- (53) (52)
Amount............................. $ 4,462 $ 3,989 $ -- $ -- $ (758) $ (660)
Class C Shares............................ 219 349 -- -- (45) (65)
Amount............................. $ 3,131 $ 4,436 $ -- $ -- $ (652) $ (811)
Class H Shares............................ 12 26 -- -- (76) (153)
Amount............................. $ 172 $ 339 $ -- $ -- $ (1,081) $ (1,970)
Class L Shares............................ 101 206 -- -- (145) (247)
Amount............................. $ 1,537 $ 2,786 $ -- $ -- $ (2,216) $ (3,318)
Class M Shares............................ 23 42 -- -- (80) (122)
Amount............................. $ 332 $ 541 $ -- $ -- $ (1,133) $ (1,566)
Class N Shares............................ 4 9 -- -- (9) (19)
Amount............................. $ 58 $ 116 $ -- $ -- $ (133) $ (253)
Class Y Shares............................ 3,032 714 -- -- @@ (1)
Amount............................. $ 46,236 $ 9,718 $ -- $ -- $ (1) $ (16)
<Caption>
NET INCREASE (DECREASE)
OF SHARES
------------------------
2005 2004
---------- ----------
TOTAL RETURN BOND FUND:
Class A Shares............................ 186 3,161
Amount............................. $ 2,063 $ 34,420
Class B Shares............................ (477) (1,143)
Amount............................. $ (5,151) $ (12,343)
Class C Shares............................ (815) (1,750)
Amount............................. $ (8,863) $ (18,887)
Class Y Shares............................ 4,492 3,811
Amount............................. $ 49,342 $ 41,626
U.S. GOVERNMENT SECURITIES FUND:
Class A Shares............................ (175) (1,223)
Amount............................. $ (1,669) $ (11,823)
Class B Shares............................ (239) (1,239)
Amount............................. $ (2,273) $ (11,914)
Class C Shares............................ (137) (1,314)
Amount............................. $ (1,287) $ (12,661)
Class E Shares............................ (677) (1,637)
Amount............................. $ (6,468) $ (15,784)
Class H Shares............................ (63) (246)
Amount............................. $ (601) $ (2,359)
Class L Shares............................ (137) (468)
Amount............................. $ (1,311) $ (4,504)
Class M Shares............................ (65) (91)
Amount............................. $ (612) $ (887)
Class N Shares............................ (8) (34)
Amount............................. $ (79) $ (330)
Class Y Shares............................ 746 @@
Amount............................. $ 7,137 $ @@
VALUE FUND:
Class A Shares............................ 94 1,134
Amount............................. $ 972 $ 10,636
Class B Shares............................ 24 105
Amount............................. $ 239 $ 990
Class C Shares............................ (91) (29)
Amount............................. $ (921) $ (285)
Class Y Shares............................ 2,318 2,197
Amount............................. $ 23,561 $ 20,782
VALUE OPPORTUNITIES FUND:
Class A Shares............................ 901 1,263
Amount............................. $ 13,720 $ 16,891
Class B Shares............................ 259 263
Amount............................. $ 3,704 $ 3,329
Class C Shares............................ 174 284
Amount............................. $ 2,479 $ 3,625
Class H Shares............................ (64) (127)
Amount............................. $ (909) $ (1,631)
Class L Shares............................ (44) (41)
Amount............................. $ (679) $ (532)
Class M Shares............................ (57) (80)
Amount............................. $ (801) $ (1,025)
Class N Shares............................ (5) (10)
Amount............................. $ (75) $ (137)
Class Y Shares............................ 3,032 713
Amount............................. $ 46,235 $ 9,702
</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
233
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2005 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
present accumulated undistributed (distribution in excess of) net investment
income and realized gain (loss) 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, expiration of capital loss carryforwards,
distributions upon redemptions 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, 2004, the Funds recorded the following reclassifications to
increase (decrease) the accounts listed below.
<Table>
<Caption>
UNDISTRIBUTED ACCUMULATED
NET NET
INVESTMENT REALIZED PAID-IN-
INCOME GAIN (LOSS) CAPITAL
------------- ----------- --------
Advisers Fund............................................... $ (42) $ 42 $ --
Aggressive Growth Allocation Fund........................... 28 -- (28)
Balanced Allocation Fund.................................... 1 -- (1)
Capital Appreciation Fund................................... 24,513 2,584 (27,097)
Disciplined Equity Fund..................................... (41) 40 1
Dividend and Growth Fund.................................... (269) 269 --
Equity Income Fund.......................................... (5) 13 (8)
Focus Fund.................................................. 595 34 (629)
Global Communications Fund.................................. (14) 15 (1)
Global Financial Services Fund.............................. (4) 4 --
Global Health Fund.......................................... 2,803 (1,594) (1,209)
Global Leaders Fund......................................... 3,465 661 (4,126)
Global Technology Fund...................................... 1,125 42 (1,167)
Growth Allocation Fund...................................... 19 -- (19)
Growth Fund................................................. 4,846 177 (5,023)
Growth Opportunities Fund................................... 4,789 311 (5,100)
High Yield Fund............................................. 238 (238) --
Income Fund................................................. 92 (92) --
Inflation Plus Fund......................................... 2 (2) --
International Capital Appreciation Fund..................... 127 48 (175)
International Opportunities Fund............................ (61) 140 (79)
International Small Company Fund............................ (48) 44 4
MidCap Fund................................................. 16,324 360 (16,684)
MidCap Value Fund........................................... 2,040 (2,041) 1
Small Company Fund.......................................... 4,048 156 (4,204)
SmallCap Growth Fund........................................ 2,027 75 (2,102)
Stock Fund.................................................. 1,234 131 (1,365)
Total Return Bond Fund...................................... 1,950 (1,950) --
U.S. Government Securities Fund............................. 255 4,136 (4,391)
Value Fund.................................................. (17) 17 --
Value Opportunities Fund.................................... 143 5 (148)
</Table>
8. CAPITAL LOSS CARRYFORWARDS:
As of October 31, 2004 (tax year-end), the following Funds had capital loss
carryforwards for U.S. federal income tax purposes of approximately:
<Table>
<Caption>
YEAR OF EXPIRATION
----------------------------------------------------------
FUND 2007 2008 2009 2010 2011 2012
---- ------- ------- -------- -------- -------- -----
Advisers Fund............................................... $ 8,976 $176,475 $112,444
Capital Appreciation Fund................................... 75,574 102,655
Disciplined Equity Fund..................................... 16,069 67,760 26,636
Focus Fund.................................................. 2,871 14,398
Global Communications Fund.................................. 1,272 3,269 684
Global Financial Services Fund.............................. 730 536
Global Leaders Fund......................................... 60,140
Global Technology Fund...................................... 26,641 34,893
Growth Fund................................................. 65,033 6,917
Growth Opportunities Fund................................... 76,626
High Yield Fund............................................. 10,267 19,805 1,643 25,246 28,570
International Capital Appreciation Fund..................... 15
International Opportunities Fund............................ 3,620 15,114 19,362 2,135
</Table>
234
- --------------------------------------------------------------------------------
<Table>
<Caption>
YEAR OF EXPIRATION
----------------------------------------------------------
FUND 2007 2008 2009 2010 2011 2012
---- ------- ------- -------- -------- -------- -----
Short Duration Fund......................................... $ 221 $ 295
Small Company Fund.......................................... 46,261 31,914
SmallCap Growth Fund........................................ 46,627 6,564 3,251
Stock Fund.................................................. 116,832 246,128 196,018
Tax-Free California Fund.................................... 48
U.S. Government Securities Fund............................. 2,205 3,597 672 3,591
Value Fund.................................................. 1,849 2,990
Value Opportunities Fund.................................... 3,381 672
</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, 2005, the
Funds did not have any borrowings under this facility.
235
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD ADVISERS FUND
For the Six-Month Period
Ended April 30, 2005(f)
Class A...................... $14.57 $ 0.15 $ 0.15 $(0.18) $ -- $ -- $14.69
Class B...................... 14.43 0.09 0.14 (0.12) -- -- 14.54
Class C...................... 14.56 0.10 0.15 (0.13) -- -- 14.68
Class Y...................... 14.72 0.18 0.15 (0.21) -- -- 14.84
For the Year Ended October
31, 2004(f)
Class A...................... 14.19 0.18 0.38 (0.18) -- -- 14.57
Class B...................... 14.05 0.07 0.38 (0.07) -- -- 14.43
Class C...................... 14.18 0.09 0.37 (0.08) -- -- 14.56
Class Y...................... 14.37 0.25 0.36 (0.26) -- -- 14.72
For the Year Ended October
31, 2003(f)
Class A...................... 12.67 0.19 1.52 (0.19) -- -- 14.19
Class B...................... 12.54 0.09 1.51 (0.09) -- -- 14.05
Class C...................... 12.66 0.11 1.52 (0.11) -- -- 14.18
Class Y...................... 12.82 0.27 1.54 (0.26) -- -- 14.37
For the Year Ended October
31, 2002(f)
Class A...................... 14.38 0.21 (1.69) (0.23) -- -- 12.67
Class B...................... 14.24 0.11 (1.68) (0.13) -- -- 12.54
Class C...................... 14.37 0.12 (1.69) (0.14) -- 12.66
Class Y...................... 14.54 0.13 (1.55) (0.30) -- -- 12.82
For the Year Ended October
31, 2001
Class A...................... 17.07 0.30 (2.04) (0.31) (0.64) -- 14.38
Class B...................... 16.90 0.20 (2.03) (0.19) (0.64) -- 14.24
Class C...................... 17.05 0.20 (2.04) (0.20) (0.64) -- 14.37
Class Y...................... 17.24 0.38 (2.06) (0.38) (0.64) -- 14.54
For the Ten Months Ended
October 31, 2000
Class A...................... 17.02 0.24 0.19 (0.22) (0.16) -- 17.07
Class B...................... 16.87 0.15 0.17 (0.13) (0.16) -- 16.90
Class C...................... 17.02 0.15 0.17 (0.13) (0.16) -- 17.05
Class Y...................... 17.16 0.33 0.16 (0.25) (0.16) -- 17.24
THE HARTFORD AGGRESSIVE GROWTH
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.38 0.01 0.27 (0.02) -- -- 10.64
Class B...................... 10.35 (0.03) 0.27 -- -- -- 10.59
Class C...................... 10.35 (0.03) 0.27 -- -- -- 10.59
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 10.00 (0.01) 0.39 -- -- -- 10.38
Class B...................... 10.00 (0.02) 0.37 -- -- -- 10.35
Class C...................... 10.00 (0.02) 0.37 -- -- -- 10.35
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD ADVISERS FUND
For the Six-Month Period
Ended April 30, 2005(f)
Class A...................... 2.04%(d) $1,399,940 1.20%(b) 1.20%(b)(h) 2.05%(b) 17%
Class B...................... 1.59(d) 487,724 1.97(b) 1.97(b)(h) 1.28(b) --
Class C...................... 1.68(d) 286,082 1.89(b) 1.89(b)(h) 1.39(b) --
Class Y...................... 2.25(d) 14,569 0.74(b) 0.74(b)(h) 2.45(b) --
For the Year Ended October
31, 2004(f)
Class A...................... 3.93(i) 1,539,264 1.22 1.22(h) 1.23 42
Class B...................... 3.21(i) 550,499 1.95 1.95(h) 0.50 --
Class C...................... 3.27(i) 355,711 1.86 1.86(h) 0.58 --
Class Y...................... 4.22 13,587 0.74 0.74(h) 1.71 --
For the Year Ended October
31, 2003(f)
Class A...................... 13.62 1,470,569 1.40 1.39 1.44 46
Class B...................... 12.86 593,179 2.13 2.12 0.72 --
Class C...................... 12.92 421,814 2.00 2.00 0.84 --
Class Y...................... 14.28 8,714 0.81 0.81 1.98 --
For the Year Ended October
31, 2002(f)
Class A...................... (10.42) 1,245,331 1.41 1.36 1.56 44
Class B...................... (11.11) 567,953 2.08 2.08 0.84 --
Class C...................... (10.99) 422,520 1.97 1.97 0.95 --
Class Y...................... (9.89) 3,997 0.78 0.78 2.15 --
For the Year Ended October
31, 2001
Class A...................... (10.67) 1,088,858 1.27 1.22 1.99 37
Class B...................... (11.27) 622,519 1.93 1.93 1.28 --
Class C...................... (11.26) 478,194 1.93 1.93 1.28 --
Class Y...................... (10.20) 56,320 0.74 0.74 2.48 --
For the Ten Months Ended
October 31, 2000
Class A...................... 2.52(d) 893,954 1.26(b) 1.21(b) 1.76(b) 38
Class B...................... 1.89(d) 631,930 1.92(b) 1.92(b) 1.05(b) --
Class C...................... 1.89(d) 432,171 1.92(b) 1.92(b) 1.05(b) --
Class Y...................... 2.90(d) 64,889 0.75(b) 0.75(b) 2.22(b) --
THE HARTFORD AGGRESSIVE GROWTH
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.69(d) 34,293 0.91(b)(g) 0.69(b)(g) (0.11)(b) 1
Class B...................... 2.34(d) 13,973 1.68(b)(g) 1.35(b)(g) (0.76)(b) --
Class C...................... 2.34(d) 18,403 1.60(b)(g) 1.35(b)(g) (0.75)(b) --
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 3.80(d) 12,415 0.86(b)(g) 0.67(b)(g) (0.58)(b) 3
Class B...................... 3.50(d) 4,532 1.69(b)(g) 1.32(b)(g) (1.23)(b) --
Class C...................... 3.50(d) 5,424 1.59(b)(g) 1.32(b)(g) (1.23)(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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included, the
ratio would have been 1.19%, 1.97%, 1.88% and 0.74% for Classes A, B, C and
Y, respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.22%,1.94%, 1.86% and
0.74% for Classes A, B, C and Y, respectively. Expense ratios do not include
expenses of the underlying funds.
(i) Without the inclusion of the Payment from Affiliate as noted on the
Statement of Operations, the total return would have been 3.74%, 2.95% and
3.06% for classes A,B and C, respectively. The net asset value impact of
the Payment from Affiliate was $0.03, $0.04 and $0.03 for classes A, B and
C, respectively.
See Notes to Financial Statements.
236
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD BALANCED
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $10.30 $ 0.06 $ 0.14 $(0.06) $ -- $ -- $10.44
Class B...................... 10.28 0.03 0.14 (0.03) -- -- 10.42
Class C...................... 10.28 0.03 0.13 (0.03) -- -- 10.41
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 10.00 0.02 0.30 (0.02) -- -- 10.30
Class B...................... 10.00 0.01 0.27 @@ -- -- 10.28
Class C...................... 10.00 @@ 0.28 @@ -- -- 10.28
THE HARTFORD CAPITAL
APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 30.80 0.08 1.42 -- -- -- 32.30
Class B...................... 28.82 (0.04) 1.33 -- -- -- 30.11
Class C...................... 28.88 (0.03) 1.34 -- -- -- 30.19
Class Y...................... 32.29 0.13 1.53 -- -- -- 33.95
For the Year Ended October
31, 2004
Class A...................... 26.50 (0.01) 4.31 -- -- -- 30.80
Class B...................... 24.97 (0.21) 4.06 -- -- -- 28.82
Class C...................... 25.00 (0.18) 4.06 -- -- -- 28.88
Class Y...................... 27.64 0.11 4.54 -- -- -- 32.29
For the Year Ended October
31, 2003
Class A...................... 20.47 (0.04) 6.07 -- -- -- 26.50
Class B...................... 19.44 (0.19) 5.72 -- -- -- 24.97
Class C...................... 19.44 (0.16) 5.72 -- -- -- 25.00
Class Y...................... 21.23 0.08 6.33 -- -- -- 27.64
For the Year Ended October
31, 2002(f)
Class A...................... 24.12 (0.06) (3.59) -- -- -- 20.47
Class B...................... 23.06 (0.25) (3.37) -- -- -- 19.44
Class C...................... 23.04 (0.22) (3.38) -- -- -- 19.44
Class Y...................... 24.85 0.04 (3.66) -- -- -- 21.23
For the Year Ended October
31, 2001
Class A...................... 33.20 0.05 (5.12) -- (4.01) -- 24.12
Class B...................... 32.14 (0.02) (5.05) -- (4.01) -- 23.06
Class C...................... 32.10 (0.06) (4.99) -- (4.01) -- 23.04
Class Y...................... 33.94 0.08 (5.16) -- (4.01) -- 24.85
For the Ten Months Ended
October 31, 2000
Class A...................... 31.72 (0.01) 3.15 -- (1.66) -- 33.20
Class B...................... 30.92 (0.12) 3.00 -- (1.66) -- 32.14
Class C...................... 30.89 (0.15) 3.02 -- (1.66) -- 32.10
Class Y...................... 32.27 0.03 3.30 -- (1.66) -- 33.94
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD BALANCED
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.94%(d) $ 172,083 0.68%(b)(g) 0.61%(b)(g) 1.24%(b) 2%
Class B...................... 1.62(d) 49,758 1.49(b)(g) 1.32(b)(g) 0.54(b) --
Class C...................... 1.52(d) 69,139 1.42(b)(g) 1.32(b)(g) 0.56(b) --
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 3.15(d) 67,293 0.62(b)(g) 0.59(b)(g) 0.99(b) @@
Class B...................... 2.82(d) 18,841 1.45(b)(g) 1.29(b)(g) 0.33(b) --
Class C...................... 2.82(d) 30,414 1.38(b)(g) 1.29(b)(g) 0.30(b) --
THE HARTFORD CAPITAL
APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 4.87(d) 5,002,072 1.28(b)(h) 1.28(b) 0.52(b) 51
Class B...................... 4.48(d) 1,526,551 2.05(b)(h) 2.05(b) (0.24)(b) --
Class C...................... 4.54(d) 1,536,630 1.96(b)(h) 1.96(b) (0.16)(b) --
Class Y...................... 5.14(d) 181,720 0.80(b)(h) 0.80(b) 1.00(b) --
For the Year Ended October
31, 2004
Class A...................... 16.23 4,203,178 1.35 1.35(h) (0.05) 78
Class B...................... 15.42 1,432,121 2.06 2.06(h) (0.78) --
Class C...................... 15.52 1,348,972 1.97 1.97(h) (0.68) --
Class Y...................... 16.82 116,527 0.79 0.79(h) 0.50 --
For the Year Ended October
31, 2003
Class A...................... 29.46 2,357,913 1.45 1.43 (0.13) 113
Class B...................... 28.45 1,140,154 2.17 2.17 (0.87) --
Class C...................... 28.60 981,246 2.05 2.05 (0.75) --
Class Y...................... 30.19 48,372 0.85 0.85 0.46 --
For the Year Ended October
31, 2002(f)
Class A...................... (15.13) 1,700,765 1.45 1.40 (0.28) 112
Class B...................... (15.70) 884,553 2.14 2.14 (1.04) --
Class C...................... (15.62) 738,988 2.02 2.02 (0.92) --
Class Y...................... (14.57) 25,378 0.80 0.80 0.27 --
For the Year Ended October
31, 2001
Class A...................... (17.24) 1,585,508 1.33 1.28 (0.22) 132
Class B...................... (17.88) 876,826 1.99 1.99 (0.93) --
Class C...................... (17.84) 666,372 1.99 1.99 (0.93) --
Class Y...................... (16.85) 76,592 0.78 0.78 0.28 --
For the Ten Months Ended
October 31, 2000
Class A...................... 10.18(d) 1,309,836 1.32(b) 1.27(b) (0.42)(b) 130
Class B...................... 9.59(d) 826,495 1.97(b) 1.97(b) (1.12)(b) --
Class C...................... 9.56(d) 494,391 1.99(b) 1.99(b) (1.14)(b) --
Class Y...................... 10.60(d) 89,477 0.80(b) 0.80(b) 0.05(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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included, the
ratio would have been 1.25%, 2.02%, 1.94% and 0.77% for Classes A, B, C and
Y, respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.32%, 2.03%, 1.94% and
0.76% for Classes A, B, C and Y, respectively. Expense ratios do not include
expenses of the underlying funds.
@@ The amount per share rounds to zero.
237
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD CONSERVATIVE
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $10.27 $ 0.12 $ 0.03 $(0.11) $ -- $ -- $10.31
Class B...................... 10.26 0.08 0.04 (0.08) -- -- 10.30
Class C...................... 10.26 0.07 0.05 (0.08) -- -- 10.30
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 10.00 0.03 0.27 (0.03) -- -- 10.27
Class B...................... 10.00 0.02 0.25 (0.01) -- -- 10.26
Class C...................... 10.00 0.02 0.25 (0.01) -- -- 10.26
THE HARTFORD DISCIPLINED
EQUITY FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.67 0.07 0.42 (0.08) -- -- 11.08
Class B...................... 10.20 0.02 0.41 (0.01) -- -- 10.62
Class C...................... 10.22 0.02 0.40 (0.01) -- -- 10.63
Class Y...................... 10.99 0.10 0.43 (0.14) -- -- 11.38
For the Year Ended October
31, 2004
Class A...................... 10.08 0.03 0.57 (0.01) -- -- 10.67
Class B...................... 9.70 (0.05) 0.55 -- -- -- 10.20
Class C...................... 9.71 (0.05) 0.56 -- -- -- 10.22
Class Y...................... 10.36 (0.01) 0.69 (0.05) -- -- 10.99
For the Year Ended October
31, 2003
Class A...................... 8.43 0.02 1.63 -- -- -- 10.08
Class B...................... 8.17 (0.04) 1.57 -- -- -- 9.70
Class C...................... 8.18 (0.04) 1.57 -- -- -- 9.71
Class Y...................... 8.63 0.08 1.65 -- -- -- 10.36
For the Year Ended October
31, 2002(f)
Class A...................... 10.36 @@ (1.93) -- -- -- 8.43
Class B...................... 10.10 (0.11) (1.82) -- -- -- 8.17
Class C...................... 10.11 (0.06) (1.87) -- -- -- 8.18
Class Y...................... 10.52 0.05 (1.94) -- -- -- 8.63
For the Year Ended October
31, 2001
Class A...................... 13.63 @@ (2.75) -- (0.52) -- 10.36
Class B...................... 13.40 (0.05) (2.73) -- (0.52) -- 10.10
Class C...................... 13.41 (0.06) (2.72) -- (0.52) -- 10.11
Class Y...................... 13.78 0.03 (2.77) -- (0.52) -- 10.52
For the Ten Months Ended
October 31, 2000
Class A...................... 13.72 (0.02) 0.04 -- (0.11) -- 13.63
Class B...................... 13.58 (0.06) (0.01) -- (0.11) -- 13.40
Class C...................... 13.58 (0.06) -- -- (0.11) -- 13.41
Class Y...................... 13.83 0.02 0.04 -- (0.11) -- 13.78
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
---------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD CONSERVATIVE
ALLOCATION FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.46%(d) $ 58,181 0.65%(b)(g) 0.61%(b)(g) 2.36%(b) 3%
Class B...................... 1.12(d) 10,417 1.50(b)(g) 1.28(b)(g) 1.66(b) --
Class C...................... 1.12(d) 23,604 1.44(b)(g) 1.28(b)(g) 1.52(b) --
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 2.96(d) 33,921 0.63(b)(g) 0.60(b)(g) 1.70(b) @@
Class B...................... 2.70(d) 4,993 1.44(b)(g) 1.25(b)(g) 1.05(b) --
Class C...................... 2.70(d) 10,807 1.38(b)(g) 1.25(b)(g) 1.17(b) --
THE HARTFORD DISCIPLINED
EQUITY FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 4.58(d) 228,401 1.42(b) 1.40(b)(h) 1.28(b) 31
Class B...................... 4.17(d) 41,882 2.34(b) 2.15(b)(h) 0.53(b) --
Class C...................... 4.12(d) 36,077 2.12(b) 2.12(b)(h) 0.59(b) --
Class Y...................... 4.81(d) 46,957 0.91(b) 0.91(b)(h) 1.39(b) --
For the Year Ended October
31, 2004
Class A...................... 5.92 241,014 1.46 1.45(h) 0.30 62
Class B...................... 5.16 44,561 2.34 2.15(h) (0.41) --
Class C...................... 5.25(i) 40,965 2.10 2.10(h) (0.36) --
Class Y...................... 6.55 19,578 0.88 0.88(h) 0.95 --
For the Year Ended October
31, 2003
Class A...................... 19.57 243,842 1.56 1.45 0.24 76
Class B...................... 18.73 47,888 2.30 2.15 (0.46) --
Class C...................... 18.70 46,162 2.17 2.15 (0.46) --
Class Y...................... 20.05 622 0.98 0.98 0.70 --
For the Year Ended October
31, 2002(f)
Class A...................... (18.63) 230,545 1.57 1.45 (0.03) 89
Class B...................... (19.11) 43,431 2.26 2.15 (1.03) --
Class C...................... (19.09) 44,054 2.13 2.13 (0.80) --
Class Y...................... (17.97) 661 0.93 0.93 0.46 --
For the Year Ended October
31, 2001
Class A...................... (20.90) 239,698 1.43 1.38 (0.07) 80
Class B...................... (21.51) 43,210 2.11 2.11 (0.80) --
Class C...................... (21.50) 60,409 2.09 2.09 (0.78) --
Class Y...................... (20.60) 440 0.96 0.96 0.34 --
For the Ten Months Ended
October 31, 2000
Class A...................... 0.15(d) 197,176 1.43(b) 1.38(b) (0.17)(b) 63
Class B...................... (0.51)(d) 41,126 2.11(b) 2.11(b) (0.90)(b) --
Class C...................... (0.44)(d) 63,650 2.09(b) 2.09(b) (0.88)(b) --
Class Y...................... 0.44(d) 490 0.95(b) 0.95(b) 0.26(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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.39%, 2.14%, 2.11% and 0.90% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.44%, 2.14%,
2.09% and 0.87% for Classes A, B, C and Y, respectively.
(i) Without the inclusion of the Payment from Affiliate as noted on the
Statement of Operations, the total return would have been 5.24% for Class
C. The net asset impact of the Payment from Affiliate was less than $0.01
for Class C.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
238
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD DIVIDEND AND
GROWTH FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $17.79 $0.14 $ 0.67 $(0.14) $(0.19) $ -- $18.27
Class B...................... 17.56 0.06 0.66 (0.06) (0.19) -- 18.03
Class C...................... 17.53 0.07 0.66 (0.07) (0.19) -- 18.00
Class Y...................... 17.97 0.18 0.68 (0.18) (0.19) -- 18.46
For the Year Ended October
31, 2004
Class A...................... 15.94 0.17 1.82 (0.14) -- -- 17.79
Class B...................... 15.75 0.03 1.80 (0.02) -- -- 17.56
Class C...................... 15.72 0.06 1.79 (0.04) -- -- 17.53
Class Y...................... 16.11 0.24 1.86 (0.24) -- -- 17.97
For the Year Ended October
31, 2003
Class A...................... 13.58 0.12 2.37 (0.13)(j) -- -- 15.94
Class B...................... 13.43 0.03 2.32 (0.03)(j) -- -- 15.75
Class C...................... 13.40 0.04 2.32 (0.04)(j) -- -- 15.72
Class Y...................... 13.73 0.19 2.40 (0.21)(j) -- -- 16.11
For the Year Ended October
31, 2002(f)
Class A...................... 15.53 0.12 (1.71) (0.12) (0.24) -- 13.58
Class B...................... 15.37 0.02 (1.70) (0.02) (0.24) -- 13.43
Class C...................... 15.33 0.03 (1.69) (0.03) (0.24) -- 13.40
Class Y...................... 15.71 0.12 (1.65) (0.21) (0.24) -- 13.73
For the Year Ended October
31, 2001
Class A...................... 17.78 0.18 (1.49) (0.17) (0.77) -- 15.53
Class B...................... 17.60 0.07 (1.48) (0.05) (0.77) -- 15.37
Class C...................... 17.57 0.08 (1.48) (0.07) (0.77) -- 15.33
Class Y...................... 17.96 0.25 (1.48) (0.25) (0.77) -- 15.71
For the Ten Months Ended
October 31, 2000
Class A...................... 16.85 0.15 0.98 (0.12) (0.08) -- 17.78
Class B...................... 16.69 0.04 0.99 (0.04) (0.08) -- 17.60
Class C...................... 16.67 0.07 0.95 (0.04) (0.08) -- 17.57
Class Y...................... 16.96 0.22 1.02 (0.16) (0.08) -- 17.96
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
-------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD DIVIDEND AND
GROWTH FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 4.52%(d) $2,002,584 1.17%(b) 1.17%(b)(h) 1.48%(b) 12%
Class B...................... 4.09(d) 341,387 2.02(b) 2.02(b)(h) 0.64(b) --
Class C...................... 4.16(d) 283,986 1.89(b) 1.89(b)(h) 0.77(b) --
Class Y...................... 4.75(d) 100,593 0.74(b) 0.74(b)(h) 1.87(b) --
For the Year Ended October
31, 2004
Class A...................... 12.53(i) 1,838,567 1.23 1.23(h) 0.96 25
Class B...................... 11.62 319,512 2.04 2.04(h) 0.16 --
Class C...................... 11.76(i) 277,706 1.90 1.90(h) 0.29 --
Class Y...................... 13.06 69,088 0.75 0.75(h) 1.44 --
For the Year Ended October
31, 2003
Class A...................... 18.42 1,296,982 1.41 1.40 0.88 31
Class B...................... 17.52 257,856 2.14 2.13 0.16 --
Class C...................... 17.67 230,348 2.02 2.02 0.27 --
Class Y...................... 19.03 42,107 0.81 0.81 1.44 --
For the Year Ended October
31, 2002(f)
Class A...................... (10.64) 808,633 1.46 1.40 0.78 33
Class B...................... (11.15) 185,731 2.13 2.10 0.08 --
Class C...................... (11.08) 164,260 2.02 2.02 0.15 --
Class Y...................... (10.00) 14,790 0.82 0.82 1.36 --
For the Year Ended October
31, 2001
Class A...................... (7.67) 521,543 1.36 1.31 1.06 55
Class B...................... (8.34) 150,592 2.03 2.03 0.34 --
Class C...................... (8.33) 117,108 2.03 2.03 0.35 --
Class Y...................... (7.20) 26,326 0.82 0.82 1.55 --
For the Ten Months Ended
October 31, 2000
Class A...................... 6.77(d) 294,903 1.36(b) 1.31(b) 0.99(b) 56
Class B...................... 6.17(d) 118,936 2.03(b) 2.03(b) 0.27(b) --
Class C...................... 6.17(d) 63,503 2.03(b) 2.03(b) 0.27(b) --
Class Y...................... 7.37(d) 22,441 0.85(b) 0.85(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 calculated using average shares outstanding
method.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.17%, 2.01%, 1.89% and 0.73% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.22%, 2.03%,
1.89% and 0.74% for Classes A, B, C and Y, respectively.
(i) Without the inclusion of the Payment from Affiliate as noted on the
Statement of Operations, the total return would have been 12.47% and 11.72%
for Classes A and C, respectively. The net asset impact of the Payment from
Affiliate was $0.01 and $0.01 for Classes A and C, respectively.
(j) This includes a tax return of capital of less than $0.01.
239
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD EQUITY INCOME
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $11.28 $ 0.13 $ 0.60 $(0.13) $(0.02) $ -- $11.86
Class B...................... 11.26 0.08 0.59 (0.08) (0.02) -- 11.83
Class C...................... 11.27 0.09 0.59 (0.09) (0.02) -- 11.84
Class Y...................... 11.33 0.14 0.62 (0.16) (0.02) -- 11.91
For the Year Ended October
31, 2004
Class A...................... 10.37 0.21 0.90 (0.20) @@ -- 11.28
Class B...................... 10.36 0.13 0.89 (0.12) @@ -- 11.26
Class C...................... 10.36 0.15 0.89 (0.13) @@ -- 11.27
Class Y...................... 10.39 0.24 0.95 (0.25) @@ -- 11.33
From inception August 28,
2003, through October 31,
2003
Class A...................... 10.00 0.02 0.35 -- -- -- 10.37
Class B...................... 10.00 0.01 0.35 -- -- -- 10.36
Class C...................... 10.00 0.01 0.35 -- -- -- 10.36
Class Y...................... 10.00 0.04 0.35 -- -- -- 10.39
THE HARTFORD FOCUS FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 9.14 0.06 0.16 @@ -- -- 9.36
Class B...................... 8.92 0.02 0.16 -- -- -- 9.10
Class C...................... 8.92 0.02 0.17 -- -- -- 9.11
Class Y...................... 9.28 0.10 0.16 (0.03) -- -- 9.51
For the Year Ended October
31, 2004
Class A...................... 8.94 (0.02) 0.22 -- -- -- 9.14
Class B...................... 8.79 (0.10) 0.23 -- -- -- 8.92
Class C...................... 8.78 (0.09) 0.23 -- -- -- 8.92
Class Y...................... 9.04 0.03 0.21 -- -- -- 9.28
For the Year Ended October
31, 2003
Class A...................... 7.32 (0.02) 1.64 -- -- -- 8.94
Class B...................... 7.25 (0.08) 1.62 -- -- -- 8.79
Class C...................... 7.24 (0.08) 1.62 -- -- -- 8.78
Class Y...................... 7.37 0.01 1.66 -- -- -- 9.04
For the Year Ended October
31, 2002(f)
Class A...................... 8.82 (0.05) (1.45) -- -- -- 7.32
Class B...................... 8.79 (0.12) (1.42) -- -- -- 7.25
Class C...................... 8.79 (0.12) (1.43) -- -- -- 7.24
Class Y...................... 8.83 @@ (1.46) -- -- -- 7.37
From inception May 24, 2001,
through October 31, 2001
Class A...................... 10.00 (0.01) (1.17) -- -- -- 8.82
Class B...................... 10.00 (0.03) (1.18) -- -- -- 8.79
Class C...................... 10.00 (0.04) (1.17) -- -- -- 8.79
Class Y...................... 10.00 0.01 (1.18) -- -- -- 8.83
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
--------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD EQUITY INCOME
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 6.52%(d) $307,160 1.34%(b) 0.51%(b)(g) 2.37%(b) 8%
Class B...................... 6.00(d) 27,750 2.19(b) 1.39(b)(g) 1.49(b) --
Class C...................... 6.08(d) 50,404 2.03(b) 1.23(b)(g) 1.66(b) --
Class Y...................... 6.71(d) 779 0.93(b) 0.13(b)(g) 2.68(b) --
For the Year Ended October
31, 2004
Class A...................... 10.82 211,826 1.40 0.56(g) 2.26 22
Class B...................... 9.93 18,438 2.20 1.37(g) 1.46 --
Class C...................... 10.12 44,043 2.02 1.19(g) 1.64 --
Class Y...................... 11.53 375 0.91 0.11(g) 2.73 --
From inception August 28,
2003, through October 31,
2003
Class A...................... 3.70(d) 26,649 1.53(b) 0.73(b) 1.81(b) 1
Class B...................... 3.60(d) 2,421 2.27(b) 1.47(b) 1.10(b) --
Class C...................... 3.60(d) 7,639 2.15(b) 1.35(b) 1.23(b) --
Class Y...................... 3.90(d) 104 0.93(b) 0.13(b) 2.17(b) --
THE HARTFORD FOCUS FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.46(d) 55,458 1.64(b) 1.60(b)(h) 1.19(b) 51
Class B...................... 2.02(d) 16,148 2.44(b) 2.35(b)(h) 0.41(b) --
Class C...................... 2.13(d) 18,752 2.35(b) 2.35(b)(h) 0.46(b) --
Class Y...................... 2.81(d) 461 1.15(b) 1.15(b)(h) 1.87(b) --
For the Year Ended October
31, 2004
Class A...................... 2.24(i) 67,212 1.62 1.62(h) (0.25) 104
Class B...................... 1.48(i) 18,610 2.36 2.35(h) (0.98) --
Class C...................... 1.59(i) 23,901 2.28 2.28(h) (0.91) --
Class Y...................... 2.65 815 1.11 1.11(h) 0.27 --
For the Year Ended October
31, 2003
Class A...................... 22.13 70,002 1.76 1.65 (0.29) 138
Class B...................... 21.24 21,058 2.49 2.35 (1.00) --
Class C...................... 21.27 27,158 2.36 2.35 (0.99) --
Class Y...................... 22.66 719 1.17 1.17 0.17 --
For the Year Ended October
31, 2002(f)
Class A...................... (17.01) 66,432 1.76 1.65 (0.53) 215
Class B...................... (17.52) 18,862 2.43 2.35 (1.23) --
Class C...................... (17.63) 25,847 2.34 2.34 (1.22) --
Class Y...................... (16.54) 509 1.14 1.14 0.09 --
From inception May 24, 2001,
through October 31, 2001
Class A...................... (11.80)(d) 66,970 1.68(b) 1.63(b) (0.18)(b) 109
Class B...................... (12.10)(d) 18,524 2.35(b) 2.35(b) (0.89)(b) --
Class C...................... (12.10)(d) 24,142 2.35(b) 2.35(b) (0.89)(b) --
Class Y...................... (11.70)(d) 9 1.20(b) 1.20(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 calculated using average shares outstanding
method.
(g) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 0.51%,1.39%, 1.23% and 0.13% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 0.56%, 1.36%,
1.19% and 0.10% for Classes A, B, C and Y, respectively.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.58%, 2.33%, 2.33% and 1.13% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.59%, 2.32%,
2.25% and 1.08% for Classes A, B, C and Y, respectively.
(i) Without the inclusion of the Payment from Affiliate as noted on the
Statement of Operations, the total return would have been 2.21%, 1.48% and
1.53% for Classes A, B and C, respectively. The net asset impact of the
Payment from Affiliate was less than $0.01 for Classes A and B and $0.01
for Class C.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
240
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GLOBAL
COMMUNICATIONS FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $ 5.48 $ 0.04 $ 0.42 $(0.05) $ -- $ -- $5.89
Class B...................... 5.34 0.02 0.40 (0.02) -- -- 5.74
Class C...................... 5.33 0.02 0.41 (0.02) -- -- 5.74
Class Y...................... 5.60 0.06 0.42 (0.08) -- -- 6.00
For the Year Ended October
31, 2004(f)
Class A...................... 4.67 0.06 0.75 -- -- -- 5.48
Class B...................... 4.58 0.02 0.74 -- -- -- 5.34
Class C...................... 4.57 0.02 0.74 -- -- -- 5.33
Class Y...................... 4.74 0.09 0.77 -- -- -- 5.60
For the Year Ended October
31, 2003
Class A...................... 3.24 (0.01) 1.44 -- -- -- 4.67
Class B...................... 3.19 (0.03) 1.42 -- -- -- 4.58
Class C...................... 3.19 (0.03) 1.41 -- -- -- 4.57
Class Y...................... 3.26 0.01 1.47 -- -- -- 4.74
For the Year Ended October
31, 2002(f)
Class A...................... 4.57 @@ (1.33) -- -- -- 3.24
Class B...................... 4.54 (0.04) (1.31) -- -- -- 3.19
Class C...................... 4.54 (0.04) (1.31) -- -- -- 3.19
Class Y...................... 4.60 @@ (1.34) -- -- -- 3.26
For the Year Ended October
31, 2001
Class A...................... 10.00 (0.02) (5.41) -- -- -- 4.57
Class B...................... 10.00 (0.05) (5.41) -- -- -- 4.54
Class C...................... 10.00 (0.05) (5.41) -- -- -- 4.54
Class Y...................... 10.00 @@ (5.40) -- -- -- 4.60
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
-------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL
COMMUNICATIONS FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 8.38%(d) $10,795 2.14%(b) 1.60%(b)(h) 1.29%(b) 22%
Class B...................... 7.76(d) 1,881 3.42(b) 2.35(b)(h) 0.58(b) --
Class C...................... 7.97(d) 1,795 3.15(b) 2.35(b)(h) 0.71(b) --
Class Y...................... 8.42(d) 184 1.56(b) 1.20(b)(h) 1.70(b) --
For the Year Ended October
31, 2004(f)
Class A...................... 17.34 8,929 1.93 1.65(h) 1.08 85
Class B...................... 16.59 1,482 3.32 2.35(h) 0.37 --
Class C...................... 16.63 1,306 2.97 2.35(h) 0.43 --
Class Y...................... 18.14 170 1.30 1.20(h) 1.69 --
For the Year Ended October
31, 2003
Class A...................... 44.14 6,419 1.95 1.65 (0.08) 100
Class B...................... 43.57 1,555 2.68 2.35 (0.79) --
Class C...................... 43.26 1,305 2.55 2.35 (0.77) --
Class Y...................... 45.40 724 1.35 1.20 0.38 --
For the Year Ended October
31, 2002(f)
Class A...................... (29.10) 3,506 2.03 1.65 (0.10) 84
Class B...................... (29.74) 846 2.70 2.35 (0.80) --
Class C...................... (29.74) 736 2.57 2.35 (0.78) --
Class Y...................... (29.13) 481 1.27 1.20 0.40 --
For the Year Ended October
31, 2001
Class A...................... (54.30) 4,050 1.73 1.66 (0.42) 84
Class B...................... (54.60) 832 2.46 2.36 (1.12) --
Class C...................... (54.60) 875 2.44 2.36 (1.12) --
Class Y...................... (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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.59%, 2.34%, 2.34% and 1.19% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.63%, 2.33%,
2.33% and 1.17% for Classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
241
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GLOBAL FINANCIAL
SERVICES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $10.44 $ 0.07 $ 0.36 $(0.13) $ -- $ -- $10.74
Class B...................... 10.26 0.03 0.35 (0.06) -- -- 10.58
Class C...................... 10.26 0.03 0.35 (0.06) -- -- 10.58
Class Y...................... 10.55 0.08 0.38 (0.18) -- -- 10.83
For the Year Ended October
31, 2004(f)
Class A...................... 9.71 0.12 0.69 (0.08) -- -- 10.44
Class B...................... 9.55 0.05 0.69 (0.03) -- -- 10.26
Class C...................... 9.55 0.05 0.69 (0.03) -- -- 10.26
Class Y...................... 9.79 0.17 0.71 (0.12) -- -- 10.55
For the Year Ended October
31, 2003
Class A...................... 8.03 0.07 1.65 (0.04) -- -- 9.71
Class B...................... 7.92 0.02 1.61 -- -- -- 9.55
Class C...................... 7.92 0.02 1.61 -- -- -- 9.55
Class Y...................... 8.10 0.13 1.64 (0.08) -- -- 9.79
For the Year Ended October
31, 2002(f)
Class A...................... 9.37 0.04 (1.38) -- -- -- 8.03
Class B...................... 9.30 (0.02) (1.36) -- -- -- 7.92
Class C...................... 9.30 (0.02) (1.36) -- -- -- 7.92
Class Y...................... 9.41 0.08 (1.39) -- -- -- 8.10
For the Year Ended October
31, 2001
Class A...................... 10.00 0.02 (0.65) -- -- -- 9.37
Class B...................... 10.00 (0.03) (0.67) -- -- -- 9.30
Class C...................... 10.00 (0.03) (0.67) -- -- -- 9.30
Class Y...................... 10.00 0.07 (0.66) -- -- -- 9.41
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL FINANCIAL
SERVICES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 4.06%(d) $13,396 1.95%(b) 1.60%(b)(h) 1.33%(b) 22%
Class B...................... 3.64(d) 3,142 2.97(b) 2.35(b)(h) 0.57(b) --
Class C...................... 3.64(d) 2,605 2.85(b) 2.35(b)(h) 0.62(b) --
Class Y...................... 4.25(d) 694 1.45(b) 1.20(b)(h) 1.75(b) --
For the Year Ended October
31, 2004(f)
Class A...................... 8.42 12,910 1.78 1.65(h) 1.17 85
Class B...................... 7.71 3,043 2.80 2.35(h) 0.44 --
Class C...................... 7.71 2,459 2.68 2.35(h) 0.44 --
Class Y...................... 9.06 642 1.27 1.20(h) 1.54 --
For the Year Ended October
31, 2003
Class A...................... 21.48 12,652 1.90 1.65 0.93 93
Class B...................... 20.58 3,681 2.62 2.35 0.22 --
Class C...................... 20.58 3,197 2.50 2.35 0.23 --
Class Y...................... 22.01 1,580 1.31 1.20 1.38 --
For the Year Ended October
31, 2002(f)
Class A...................... (14.30) 9,739 1.98 1.65 0.51 76
Class B...................... (14.84) 2,755 2.68 2.35 (0.20) --
Class C...................... (14.84) 2,548 2.54 2.35 (0.20) --
Class Y...................... (13.92) 1,435 1.25 1.20 0.96 --
For the Year Ended October
31, 2001
Class A...................... (6.30) 9,946 1.89 1.70 0.25 115
Class B...................... (7.00) 2,052 2.61 2.40 (0.45) --
Class C...................... (7.00) 2,053 2.60 2.40 (0.45) --
Class Y...................... (5.90) 941 1.35 1.24 0.70 --
</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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.57%, 2.32%, 2.32% and 1.17% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.63%, 2.33%,
2.33% and 1.18% for Classes A, B, C and Y, respectively.
See Notes to Financial Statements.
242
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GLOBAL HEALTH
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $15.00 $(0.03) $ 0.82 $ -- $(0.77) $ -- $15.02
Class B...................... 14.50 (0.09) 0.80 -- (0.77) -- 14.44
Class C...................... 14.51 (0.09) 0.79 -- (0.77) -- 14.44
Class Y...................... 15.41 @@ 0.84 -- (0.77) -- 15.48
For the Year Ended October
31, 2004
Class A...................... 13.80 (0.10) 1.36 -- (0.06) -- 15.00
Class B...................... 13.43 (0.20) 1.33 -- (0.06) -- 14.50
Class C...................... 13.44 (0.20) 1.32 -- (0.06) -- 14.51
Class Y...................... 14.09 (0.02) 1.40 -- (0.06) -- 15.41
For the Year Ended October
31, 2003
Class A...................... 11.42 (0.07) 2.75 -- (0.30) -- 13.80
Class B...................... 11.20 (0.15) 2.68 -- (0.30) -- 13.43
Class C...................... 11.21 (0.15) 2.68 -- (0.30) -- 13.44
Class Y...................... 11.61 (0.02) 2.80 -- (0.30) -- 14.09
For the Year Ended October
31, 2002(f)
Class A...................... 13.47 (0.09) (1.68) -- (0.28) -- 11.42
Class B...................... 13.31 (0.18) (1.65) -- (0.28) -- 11.20
Class C...................... 13.32 (0.18) (1.65) -- (0.28) -- 11.21
Class Y...................... 13.58 (0.02) (1.67) -- (0.28) -- 11.61
For the Year Ended October
31, 2001
Class A...................... 13.86 (0.06) 0.23 -- (0.56) -- 13.47
Class B...................... 13.81 (0.12) 0.18 -- (0.56) -- 13.31
Class C...................... 13.81 (0.13) 0.20 -- (0.56) -- 13.32
Class Y...................... 13.89 (0.01) 0.26 -- (0.56) -- 13.58
From inception May 1, 2000,
through October 31, 2000
Class A...................... 10.00 (0.01) 3.87 -- -- -- 13.86
Class B...................... 10.00 (0.04) 3.85 -- -- -- 13.81
Class C...................... 10.00 (0.04) 3.85 -- -- -- 13.81
Class Y...................... 10.00 0.01 3.88 -- -- -- 13.89
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
---------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL HEALTH
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 5.29%(d) $178,096 1.75%(b) 1.60%(b)(h) (0.45)%(b) 27%
Class B...................... 4.90(d) 66,581 2.55(b) 2.35(b)(h) (1.20)(b) --
Class C...................... 4.83(d) 62,974 2.39(b) 2.35(b)(h) (1.20)(b) --
Class Y...................... 5.49(d) 154,028 1.12(b) 1.12(b)(h) 0.43(b) --
For the Year Ended October
31, 2004
Class A...................... 9.21 170,672 1.81 1.65(h) (0.68) 41
Class B...................... 8.49 66,035 2.55 2.35(h) (1.38) --
Class C...................... 8.49 61,390 2.37 2.35(h) (1.38) --
Class Y...................... 9.88 1,299 1.12 1.12(h) (0.14) --
For the Year Ended October
31, 2003
Class A...................... 24.02 126,630 1.76 1.65 (0.62) 37
Class B...................... 23.13 56,378 2.49 2.35 (1.31)
Class C...................... 23.11 51,606 2.36 2.35 (1.31) --
Class Y...................... 24.50 1,095 1.19 1.19 (0.15) --
For the Year Ended October
31, 2002(f)
Class A...................... (13.43) 101,881 1.79 1.65 (0.70) 63
Class B...................... (14.05) 45,659 2.48 2.35 (1.40) --
Class C...................... (14.08) 43,042 2.35 2.35 (1.40) --
Class Y...................... (12.68) 881 1.17 1.17 (0.22) --
For the Year Ended October
31, 2001
Class A...................... 1.18 98,971 1.67 1.62 (0.61) 58
Class B...................... 0.36 42,578 2.36 2.35 (1.33) --
Class C...................... 0.43 44,306 2.33 2.33 (1.31) --
Class Y...................... 1.78 4,340 1.12 1.12 (0.11) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... 38.74(d) 44,917 1.72(b) 1.65(b) (0.33)(b) 92
Class B...................... 38.24(d) 20,574 2.43(b) 2.35(b) (1.03)(b) --
Class C...................... 38.24(d) 26,830 2.40(b) 2.35(b) (1.03)(b) --
Class Y...................... 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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included, the
ratio would have been 1.59%, 2.34%, 2.34% and 1.19% for Classes A, B, C and
Y, respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.63%, 2.34%, 2.34% and
1.10% for Classes A, B, C and Y, respectively.
@@ The amount rounds to zero.
243
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GLOBAL LEADERS
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $16.49 $ 0.06 $(0.67) $ -- $ -- $ -- $15.88
Class B...................... 15.77 (0.01) (0.64) -- -- -- 15.12
Class C...................... 15.84 @@ (0.65) -- -- -- 15.19
Class Y...................... 17.06 0.10 (0.70) -- -- -- 16.46
For the Year Ended October
31, 2004
Class A...................... 13.96 (0.06) 2.59 -- -- -- 16.49
Class B...................... 13.45 (0.17) 2.49 -- -- -- 15.77
Class C...................... 13.49 (0.15) 2.50 -- -- -- 15.84
Class Y...................... 14.34 0.03 2.69 -- -- -- 17.06
For the Year Ended October
31, 2003
Class A...................... 11.21 (0.03) 2.78 -- -- -- 13.96
Class B...................... 10.88 (0.12) 2.69 -- -- -- 13.45
Class C...................... 10.90 (0.11) 2.70 -- -- -- 13.49
Class Y...................... 11.45 0.03 2.86 -- -- -- 14.34
For the Year Ended October
31, 2002(f)
Class A...................... 12.83 0.02 (1.64) -- -- -- 11.21
Class B...................... 12.54 (0.07) (1.59) -- -- -- 10.88
Class C...................... 12.55 (0.06) (1.59) -- -- -- 10.90
Class Y...................... 13.03 0.05 (1.63) -- -- -- 11.45
For the Year Ended October
31, 2001
Class A...................... 17.55 0.01 (4.54) (0.18) (0.01) 12.83
Class B...................... 17.29 (0.08) (4.48) -- (0.18) (0.01) 12.54
Class C...................... 17.30 (0.10) (4.46) -- (0.18) (0.01) 12.55
Class Y...................... 17.73 0.08 (4.59) -- (0.18) (0.01) 13.03
For the Ten Months Ended
October 31, 2000
Class A...................... 18.56 @@ (0.92) -- (0.09) -- 17.55
Class B...................... 18.40 (0.06) (0.96) -- (0.09) -- 17.29
Class C...................... 18.40 (0.06) (0.95) -- (0.09) -- 17.30
Class Y...................... 18.68 0.03 (0.89) -- (0.09) -- 17.73
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
---------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL LEADERS
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... (3.70)%(d) $445,553 1.57%(b) 1.48%(b)(h) 0.71%(b) 157%
Class B...................... (4.12)(d) 83,275 2.51(b) 2.35(b)(h) (0.16)(b) --
Class C...................... (4.10)(d) 77,844 2.24(b) 2.24(b)(h) (0.05)(b) --
Class Y...................... (3.52)(d) 68,872 0.96(b) 0.96(b)(h) 1.23(b) --
For the Year Ended October
31, 2004
Class A...................... 18.12 466,013 1.62 1.62(h) (0.36) 271
Class B...................... 17.25 90,179 2.52 2.35(h) (1.09) --
Class C...................... 17.42 87,518 2.24 2.24(h) (0.98) --
Class Y...................... 18.97 58,791 0.93 0.93(h) 0.31 --
For the Year Ended October
31, 2003
Class A...................... 24.53 464,610 1.62 1.61 (0.29) 320
Class B...................... 23.62 78,923 2.36 2.35 (1.01) --
Class C...................... 23.76 78,303 2.23 2.23 (0.89) --
Class Y...................... 25.24 19,043 1.00 1.00 0.28 --
For the Year Ended October
31, 2002(f)
Class A...................... (12.63) 354,407 1.66 1.61 0.24 323
Class B...................... (13.24) 70,280 2.33 2.33 (0.48) --
Class C...................... (13.15) 75,174 2.21 2.21 (0.36) --
Class Y...................... (12.13) 6,167 1.00 1.00 0.84 --
For the Year Ended October
31, 2001
Class A...................... (26.07) 247,094 1.53 1.48 0.08 382
Class B...................... (26.64) 62,973 2.23 2.23 (0.66) --
Class C...................... (26.62) 103,574 2.19 2.19 (0.63) --
Class Y...................... (25.68) 7,908 0.98 0.98 0.58 --
For the Ten Months Ended
October 31, 2000
Class A...................... (4.98)(d) 255,959 1.53(b) 1.48(b) (0.06)(b) 290
Class B...................... (5.56)(d) 75,702 2.22(b) 2.22(b) (0.80)(b) --
Class C...................... (5.51)(d) 142,549 2.19(b) 2.19(b) (0.77)(b) --
Class Y...................... (4.62)(d) 10,001 1.01(b) 1.01(b) 0.41(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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.40%, 2.27%, 2.17% and 0.88% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.53%, 2.26%,
2.15% and 0.84% for Classes A, B, C and Y, respectively.
@@ The amount rounds to zero.
See Notes to Financial Statements.
244
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL OF PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GLOBAL TECHNOLOGY
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $ 4.42 $ 0.02 $(0.16) $ -- $ -- $ -- $ 4.28
Class B...................... 4.28 @@ (0.16) -- -- -- 4.12
Class C...................... 4.28 0.01 (0.17) -- -- -- 4.12
Class Y...................... 4.51 0.05 (0.19) -- -- -- 4.37
For the Year Ended October
31, 2004
Class A...................... 4.68 (0.07) (0.19) -- -- -- 4.42
Class B...................... 4.56 (0.10) (0.18) -- -- -- 4.28
Class C...................... 4.56 (0.11) (0.17) -- -- -- 4.28
Class Y...................... 4.75 (0.04) (0.20) -- -- -- 4.51
For the Year Ended October
31, 2003
Class A...................... 2.98 (0.04) 1.74 -- -- -- 4.68
Class B...................... 2.92 (0.06) 1.70 -- -- -- 4.56
Class C...................... 2.92 (0.06) 1.70 -- -- -- 4.56
Class Y...................... 3.01 (0.03) 1.77 -- -- -- 4.75
For the Year Ended October
31, 2002(f)
Class A...................... 4.01 (0.12) (0.91) -- -- -- 2.98
Class B...................... 3.96 (0.18) (0.86) -- -- -- 2.92
Class C...................... 3.97 (0.19) (0.86) -- -- -- 2.92
Class Y...................... 4.04 (0.14) (0.89) -- -- -- 3.01
For the Year Ended October
31, 2001
Class A...................... 8.72 (0.08) (4.55) -- (0.08) -- 4.01
Class B...................... 8.68 (0.11) (4.53) -- (0.08) -- 3.96
Class C...................... 8.68 (0.11) (4.52) -- (0.08) -- 3.97
Class Y...................... 8.73 (0.04) (4.57) -- (0.08) -- 4.04
From inception May 1, 2000,
through October 31, 2000
Class A...................... 10.00 (0.05) (1.23) -- -- -- 8.72
Class B...................... 10.00 (0.07) (1.25) -- -- -- 8.68
Class C...................... 10.00 (0.06) (1.26) -- -- -- 8.68
Class Y...................... 10.00 (0.02) (1.25) -- -- -- 8.73
THE HARTFORD GROWTH ALLOCATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.36 0.04 0.20 (0.03) -- -- 10.57
Class B...................... 10.34 @@ 0.20 (0.01) -- -- 10.53
Class C...................... 10.33 @@ 0.21 (0.01) -- -- 10.53
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 10.00 @@ 0.36 -- -- -- 10.36
Class B...................... 10.00 (0.01) 0.35 -- -- -- 10.34
Class C...................... 10.00 (0.01) 0.34 -- -- -- 10.33
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
--------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL TECHNOLOGY
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... (3.17)%(d) $ 26,251 2.24%(b) 1.60%(b)(h) 1.00%(b) 76%
Class B...................... (3.74)(d) 11,475 3.08(b) 2.35(b)(h) 0.21(b) --
Class C...................... (3.74)(d) 10,464 2.77(b) 2.35(b)(h) 0.37(b) --
Class Y...................... (3.10)(d) 752 1.23(b) 1.20(b)(h) 1.77(b) --
For the Year Ended October
31, 2004
Class A...................... (5.56) 31,418 2.14 1.65(h) (1.37) 165
Class B...................... (6.14) 12,978 2.96 2.35(h) (2.07) --
Class C...................... (6.14) 13,891 2.62 2.35(h) (2.07) --
Class Y...................... (5.05) 1,186 1.15 1.15(h) (0.85) --
For the Year Ended October
31, 2003
Class A...................... 57.05 32,388 1.77 1.65 (1.28) 163
Class B...................... 56.16 13,991 2.50 2.35 (1.98) --
Class C...................... 56.16 16,513 2.37 2.35 (1.99) --
Class Y...................... 57.81 886 1.18 1.18 (0.82) --
For the Year Ended October
31, 2002(f)
Class A...................... (25.69) 18,321 1.86 1.65 (1.44) 174
Class B...................... (26.26) 8,170 2.54 2.35 (2.14) --
Class C...................... (26.45) 9,560 2.39 2.35 (2.15) --
Class Y...................... (25.50) 512 1.15 1.15 (0.97) --
For the Year Ended October
31, 2001
Class A...................... (53.56) 24,824 1.71 1.66 (1.24) 253
Class B...................... (53.93) 10,962 2.43 2.36 (1.94) --
Class C...................... (53.81) 15,581 2.37 2.36 (1.94) --
Class Y...................... (53.27) 4,602 1.13 1.13 (0.71) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... (14.26)(d) 33,221 1.77(b) 1.66(b) (1.37)(b) 104
Class B...................... (14.65)(d) 15,676 2.46(b) 2.35(b) (2.07)(b) --
Class C...................... (14.65)(d) 21,615 2.43(b) 2.35(b) (2.07)(b) --
Class Y...................... (14.16)(d) 4,677 1.32(b) 1.20(b) (0.92)(b) --
THE HARTFORD GROWTH ALLOCATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.34(d) 132,436 0.75(b)(g) 0.65(b)(g) 0.56(b) @@
Class B...................... 1.98(d) 42,989 1.55(b)(g) 1.31(b)(g) (0.09)(b) --
Class C...................... 2.07(d) 64,115 1.50(b)(g) 1.31(b)(g) (0.09)(b) --
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 3.60(d) 43,279 0.72(b)(g) 0.63(b)(g) 0.13(b) @@
Class B...................... 3.40(d) 14,177 1.52(b)(g) 1.28(b)(g) (0.53)(b) --
Class C...................... 3.30(d) 21,221 1.44(b)(g) 1.28(b)(g) (0.52)(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 calculated using average shares outstanding
method.
(g) Expense ratios do not include expenses of the underlying funds.
(h) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. For the six month
period ended April 30, 2005, had the commission recapture been included,
the ratio would have been 1.57%, 2.31%, 2.31% and 1.17% for Classes A, B, C
and Y, respectively. For the year ended October 31, 2004, had the
commission recapture been included, the ratio would have been 1.60%, 2.30%,
2.30% and 1.09% for Classes A, B, C and Y, respectively.
@@ The amount rounds to zero.
245
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GROWTH FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $16.19 $ @@ $(0.13) $ -- $ -- $ -- $16.06
Class B...................... 14.49 (0.06) (0.11) -- -- -- 14.32
Class C...................... 14.50 (0.05) (0.12) -- -- -- 14.33
Class H...................... 14.59 (0.03) (0.13) -- -- -- 14.43
Class L...................... 16.32 0.03 (0.15) -- -- -- 16.20
Class M...................... 14.57 (0.03) (0.13) -- -- -- 14.41
Class N...................... 14.57 (0.03) (0.13) -- -- -- 14.41
Class Y...................... 16.42 0.01 (0.11) -- -- -- 16.32
For the Year Ended October
31, 2004
Class A...................... 15.19 (0.08) 1.08 -- -- -- 16.19
Class B...................... 13.70 (0.15) 0.94 -- -- -- 14.49
Class C...................... 13.70 (0.12) 0.92 -- -- -- 14.50
Class H...................... 13.74 (0.20) 1.05 -- -- -- 14.59
Class L...................... 15.26 (0.08) 1.14 -- -- -- 16.32
Class M...................... 13.72 (0.19) 1.04 -- -- -- 14.57
Class N...................... 13.72 (0.19) 1.04 -- -- -- 14.57
Class Y...................... 15.31 @@ 1.11 -- -- -- 16.42
For the Year Ended October
31, 2003
Class A...................... 11.90 (0.03) 3.32 -- -- -- 15.19
Class B...................... 10.80 (0.07) 2.97 -- -- -- 13.70
Class C...................... 10.80 (0.07) 2.97 -- -- -- 13.70
Class H...................... 10.81 (0.14) 3.07 -- -- -- 13.74
Class L...................... 11.91 (0.05) 3.40 -- -- -- 15.26
Class M...................... 10.80 (0.14) 3.06 -- -- -- 13.72
Class N...................... 10.80 (0.14) 3.06 -- -- -- 13.72
Class Y...................... 11.94 (0.03) 3.40 -- -- -- 15.31
For the Period February 19,
2002 through October 31,
2002
Class A...................... 14.57 (0.02) (2.65) -- -- -- 11.90
Class B...................... 13.28 (0.04) (2.44) -- -- -- 10.80
Class C...................... 13.28 (0.04) (2.44) -- -- -- 10.80
Class Y...................... 14.57 @@ (2.63) -- -- -- 11.94
For the Year Ended October
31, 2002
Class H...................... 13.02 (0.23) (1.98) -- -- -- 10.81
Class L...................... 14.23 (0.03) (2.29) -- -- -- 11.91
Class M...................... 13.00 (0.16) (2.04) -- -- -- 10.80
Class N...................... 13.00 (0.26) (1.94) -- -- -- 10.80
For the Two-Month Period
Ended October 31, 2001
Class H...................... 13.83 (0.03) (0.78) -- -- -- 13.02
Class L...................... 15.09 (0.01) (0.85) -- -- -- 14.23
Class M...................... 13.81 (0.03) (0.78) -- -- -- 13.00
Class N...................... 13.81 (0.03) (0.78) -- -- -- 13.00
For the Year Ended August 31,
2001
Class H...................... 22.30 (0.21) (4.94) -- (3.32) -- 13.83
Class L...................... 23.85 (0.05) (5.39) -- (3.32) -- 15.09
Class M...................... 22.27 (0.21) (4.93) -- (3.32) -- 13.81
Class N...................... 22.27 (0.21) (4.93) -- (3.32) -- 13.81
For the Year Ended August 31,
2000
Class H...................... 21.78 (0.62) 6.49 -- (5.35) -- 22.30
Class L...................... 22.81 (0.08) 6.47 -- (5.35) -- 23.85
Class M...................... 21.77 (0.62) 6.47 -- (5.35) -- 22.27
Class N...................... 21.76 (0.62) 6.48 -- (5.35) -- 22.27
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GROWTH FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... (0.80)%(d) $551,122 1.42%(b) 1.33%(b)(h) (0.06)%(b) 41%
Class B...................... (1.17)(d) 40,152 2.27(b) 2.15(b)(h) (0.84)(b) --
Class C...................... (1.17)(d) 66,337 2.06(b) 2.06(b)(h) (0.78)(b) --
Class H...................... (1.10)(d) 20,501 1.81(b) 1.81(b)(h) (0.43)(b) --
Class L...................... (0.73)(d) 290,175 1.06(b) 1.06(b)(h) 0.31(b) --
Class M...................... (1.10)(d) 19,218 1.81(b) 1.81(b)(h) (0.43)(b) --
Class N...................... (1.10)(d) 4,247 1.81(b) 1.81(b)(h) (0.45)(b) --
Class Y...................... (0.61)(d) 35,999 0.86(b) 0.86(b)(h) 0.28(b) --
For the Year Ended October
31, 2004
Class A...................... 6.58 384,160 1.55 1.45(h) (0.84) 66
Class B...................... 5.77 32,440 2.33 2.15(h) (1.54) --
Class C...................... 5.84 47,575 2.07 2.07(h) (1.45) --
Class H...................... 6.19 23,527 1.83 1.83(h) (1.23) --
Class L...................... 6.95 310,084 1.08 1.08(h) (0.48) --
Class M...................... 6.20 21,522 1.83 1.83(h) (1.23) --
Class N...................... 6.20 4,356 1.83 1.83(h) (1.23) --
Class Y...................... 7.25 11,926 0.87 0.87(h) (0.18) --
For the Year Ended October
31, 2003
Class A...................... 27.65 72,186 1.52 1.45 (0.65) 129
Class B...................... 26.85 11,552 2.26 2.12 (1.35) --
Class C...................... 26.85 11,896 2.15 2.15 (1.36) --
Class H...................... 27.10 27,032 1.90 1.90 (1.09) --
Class L...................... 28.13 316,451 1.15 1.15 (0.34) --
Class M...................... 27.04 23,523 1.90 1.90 (1.09) --
Class N...................... 27.04 4,499 1.90 1.90 (1.09) --
Class Y...................... 28.22 1 0.96 0.96 (0.17) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... (18.33)(d) 5,970 1.65(b) 1.45(b) (0.44)(b) 107
Class B...................... (18.67)(d) 1,698 2.32(b) 2.15(b) (1.10)(b) --
Class C...................... (18.68)(d) 1,480 2.18(b) 2.15(b) (1.13)(b) --
Class Y...................... (18.05)(d) 1 0.90(b) 0.90(b) (0.01)(b) --
For the Year Ended October
31, 2002
Class H...................... (16.95) 26,002 1.89 1.89 (1.03) 107
Class L...................... (16.28) 274,683 1.14 1.14 (0.28) --
Class M...................... (16.90) 21,478 1.89 1.89 (1.03) --
Class N...................... (16.90) 4,340 1.89 1.89 (1.03) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... (5.86)(d) 37,750 1.86(b) 1.86(b) (1.09)(b) 13
Class L...................... (5.70)(d) 385,620 1.11(b) 1.11(b) (0.34)(b) --
Class M...................... (5.87)(d) 28,112 1.86(b) 1.86(b) (1.09)(b) --
Class N...................... (5.87)(d) 6,911 1.86(b) 1.86(b) (1.09)(b) --
For the Year Ended August 31,
2001
Class H...................... (25.59) 40,645 1.83 1.83 (0.91) 161
Class L...................... (25.08) 416,544 1.08 1.08 (0.16) --
Class M...................... (25.58) 29,777 1.83 1.83 (0.91) --
Class N...................... (25.58) 7,557 1.83 1.83 (0.91) --
For the Year Ended August 31,
2000
Class H...................... 31.68 56,771 1.82 1.82 (1.04) 165
Class L...................... 32.70 615,473 1.07 1.07 (0.29) --
Class M...................... 31.59 38,264 1.82 1.82 (1.04) --
Class N...................... 31.66 10,932 1.82 1.82 (1.04) --
</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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.32%, 2.14%, 2.05%, 1.80%, 1.05%, 1.80%, 1.80% and 0.85% for
Classes A, B, C, H, L, M, N and Y, respectively. For the year ended October
31, 2004, had the commission recapture been included, the ratio would have
been 1.43%, 2.13%, 2.05%, 1.80%, 1.05%, 1.80%, 1.80% and 0.85% for Classes A,
B, C, H, L, M, N and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
246
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $23.49 $(0.03) $ 0.17 $ -- $ -- $ -- $23.63
Class B...................... 20.77 (0.12) 0.16 -- -- -- 20.81
Class C...................... 20.77 (0.12) 0.16 -- -- -- 20.81
Class H...................... 20.92 (0.11) 0.18 -- -- -- 20.99
Class L...................... 23.71 (0.03) 0.20 -- -- -- 23.88
Class M...................... 20.89 (0.11) 0.18 -- -- -- 20.96
Class N...................... 20.89 (0.11) 0.18 -- -- -- 20.96
Class Y...................... 23.82 @@ 0.20 -- -- -- 24.02
Class Z...................... 24.66 @@ 0.21 -- -- -- 24.87
For the Year Ended October
31, 2004
Class A...................... 21.25 (0.17) 2.41 -- -- -- 23.49
Class B...................... 18.91 (0.26) 2.12 -- -- -- 20.77
Class C...................... 18.91 (0.28) 2.14 -- -- -- 20.77
Class H...................... 18.99 (0.31) 2.24 -- -- -- 20.92
Class L...................... 21.36 (0.14) 2.49 -- -- -- 23.71
Class M...................... 18.97 (0.30) 2.22 -- -- -- 20.89
Class N...................... 18.97 (0.28) 2.20 -- -- -- 20.89
Class Y...................... 21.42 (0.01) 2.41 -- -- -- 23.82
Class Z...................... 22.17 (0.08) 2.57 -- -- -- 24.66
For the Year Ended October
31, 2003
Class A...................... 15.31 (0.07) 6.01 -- -- -- 21.25
Class B...................... 13.71 (0.12) 5.32 -- -- -- 18.91
Class C...................... 13.70 (0.09) 5.30 -- -- -- 18.91
Class H...................... 13.73 (0.22) 5.48 -- -- -- 18.99
Class L...................... 15.33 (0.10) 6.13 -- -- -- 21.36
Class M...................... 13.71 (0.22) 5.48 -- -- -- 18.97
Class N...................... 13.71 (0.22) 5.48 -- -- -- 18.97
Class Y...................... 15.35 (0.07) 6.14 -- -- -- 21.42
Class Z...................... 15.87 (0.06) 6.36 -- -- -- 22.17
For the Period February 19,
2002 through October 31,
2002
Class A...................... 19.80 (0.06) (4.43) -- -- -- 15.31
Class B...................... 17.80 (0.10) (3.99) -- -- -- 13.71
Class C...................... 17.80 (0.09) (4.01) -- -- -- 13.70
Class Y...................... 19.80 (0.06) (4.39) -- -- -- 15.35
For the Year Ended October
31, 2002
Class H...................... 17.36 (0.32) (3.10) -- (0.21) -- 13.73
Class L...................... 19.21 (0.13) (3.54) -- (0.21) -- 15.33
Class M...................... 17.33 (0.28) (3.13) -- (0.21) -- 13.71
Class N...................... 17.34 (0.34) (3.08) -- (0.21) -- 13.71
Class Z...................... 19.77 0.72 (4.41) -- (0.21) -- 15.87
For the Two-Month Period
Ended October 31, 2001
Class H...................... 19.55 (0.11) (2.08) -- -- -- 17.36
Class L...................... 21.62 (0.11) (2.30) -- -- -- 19.21
Class M...................... 19.53 (0.12) (2.08) -- -- -- 17.33
Class N...................... 19.53 (0.11) (2.08) -- -- -- 17.34
Class Z...................... 22.24 (0.10) (2.37) -- -- -- 19.77
For the Year Ended August 31,
2001
Class H...................... 42.35 (0.70) (13.55) -- (8.55) -- 19.55
Class L...................... 45.45 (0.30) (14.98) -- (8.55) -- 21.62
Class M...................... 42.31 (0.70) (13.53) -- (8.55) -- 19.53
Class N...................... 42.32 (0.71) (13.53) -- (8.55) -- 19.53
Class Z...................... 46.35 (0.15) (15.41) -- (8.55) -- 22.24
For the Year Ended August 31,
2000
Class H...................... 29.28 (0.30) 20.22 -- (6.85) -- 42.35
Class L...................... 30.80 (0.20) 21.70 -- (6.85) -- 45.45
Class M...................... 29.26 (0.30) 20.20 -- (6.85) -- 42.31
Class N...................... 29.26 (0.30) 20.21 -- (6.85) -- 42.32
Class Z...................... 31.23 (0.16) 22.13 -- (6.85) -- 46.35
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 0.60%(d) $119,200 1.40%(b) 1.36%(b)(h) (0.35)%(b) 95%
Class B...................... 0.19(d) 14,826 2.42(b) 2.15(b)(h) (1.24)(b) --
Class C...................... 0.19(d) 14,126 2.13(b) 2.13(b)(h) (1.23)(b) --
Class H...................... 0.33(d) 35,439 1.84(b) 1.84(b)(h) (0.97)(b) --
Class L...................... 0.72(d) 497,313 1.10(b) 1.10(b)(h) (0.21)(b) --
Class M...................... 0.34(d) 20,757 1.84(b) 1.84(b)(h) (0.97)(b) --
Class N...................... 0.34(d) 4,830 1.84(b) 1.84(b)(h) (0.96)(b) --
Class Y...................... 0.84(d) 12,439 0.88(b) 0.88(b)(h) 0.03(b) --
Class Z...................... 0.85(d) 29,654 0.85(b) 0.85(b)(h) --(b) --
For the Year Ended October
31, 2004
Class A...................... 10.54 54,652 1.52 1.45(h) (0.94) 130
Class B...................... 9.84 11,518 2.45 2.15(h) (1.64) --
Class C...................... 9.84 11,899 2.11 2.11(h) (1.61) --
Class H...................... 10.16 39,300 1.83 1.83(h) (1.33) --
Class L...................... 11.00 518,009 1.08 1.08(h) (0.58) --
Class M...................... 10.12 22,404 1.83 1.83(h) (1.33) --
Class N...................... 10.12 4,955 1.83 1.83(h) (1.33) --
Class Y...................... 11.20 4,792 0.82 0.82(h) (0.33) --
Class Z...................... 11.23 33,195 0.83 0.83(h) (0.33) --
For the Year Ended October
31, 2003
Class A...................... 38.80 17,149 1.49 1.45 (0.88) 158
Class B...................... 37.93 4,470 2.22 2.15 (1.58) --
Class C...................... 38.03 5,238 2.10 2.10 (1.54) --
Class H...................... 38.31 45,121 1.85 1.85 (1.31) --
Class L...................... 39.34 517,892 1.10 1.10 (0.56) --
Class M...................... 38.36 24,361 1.85 1.85 (1.31) --
Class N...................... 38.36 4,773 1.85 1.85 (1.31) --
Class Y...................... 39.54 1 0.91 0.91 (0.38) --
Class Z...................... 39.70 32,485 0.85 0.85 (0.31) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... (22.68)(d) 3,338 1.62(b) 1.45(b) (0.92)(b) 182
Class B...................... (22.99)(d) 777 2.30(b) 2.15(b) (1.60)(b) --
Class C...................... (23.05)(d) 892 2.09(b) 2.09(b) (1.56)(b) --
Class Y...................... (22.47)(d) 1 0.89(b) 0.89(b) (0.44)(b) --
For the Year Ended October
31, 2002
Class H...................... (19.99) 39,151 1.85 1.85 (1.42) 182
Class L...................... (19.36) 412,454 1.10 1.10 (0.67) --
Class M...................... (19.97) 20,163 1.85 1.85 (1.42) --
Class N...................... (20.01) 4,172 1.85 1.85 (1.42) --
Class Z...................... (18.90) 26,842 0.84 0.84 (0.43) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... (11.20)(d) 54,539 1.83(b) 1.83(b) (1.27)(b) 28
Class L...................... (11.15)(d) 593,267 1.08(b) 1.08(b) (0.52)(b) --
Class M...................... (11.26)(d) 27,013 1.83(b) 1.83(b) (1.27)(b) --
Class N...................... (11.21)(d) 6,131 1.83(b) 1.83(b) (1.27)(b) --
Class Z...................... (11.11)(d) 94,961 0.83(b) 0.83(b) (0.27)(b) --
For the Year Ended August 31,
2001
Class H...................... (38.91) 61,764 1.79 1.79 (1.15) 198
Class L...................... (38.44) 681,941 1.04 1.04 (0.40) --
Class M...................... (38.90) 30,268 1.79 1.79 (1.15) --
Class N...................... (38.92) 6,866 1.79 1.79 (1.15) --
Class Z...................... (38.26) 110,221 0.79 0.79 (0.15) --
For the Year Ended August 31,
2000
Class H...................... 80.72 97,410 1.79 1.79 (1.29) 140
Class L...................... 82.06 1,203,376 1.04 1.04 (0.54) --
Class M...................... 80.70 43,250 1.79 1.79 (1.29) --
Class N...................... 80.74 10,352 1.79 1.79 (1.29) --
Class Z...................... 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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.29%, 2.10%, 2.08%, 1.80%, 1.05%, 1.80%, 1.80%, 0.83% and
0.80% for Classes A, B, C, H, L, M, N, Y and Z, respectively. For the year
ended October 31, 2004, had the commission recapture been included, the ratio
would have been 1.40%, 2.10%, 2.06%, 1.78%, 1.03%, 1.78%, 1.78%, 0.77% and
0.78% for Classes A, B, C, H, L, M, N, Y and Z, respectively.
@@ The amount rounds to zero.
247
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD HIGH YIELD FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $ 8.18 $ 0.24 $(0.37) $(0.24) $ -- $ -- $ 7.81
Class B...................... 8.17 0.21 (0.38) (0.21) -- -- 7.79
Class C...................... 8.17 0.21 (0.36) (0.22) -- -- 7.80
Class Y...................... 8.17 0.26 (0.38) (0.26) -- -- 7.79
For the Year Ended October
31, 2004(g)
Class A...................... 7.94 0.48 0.23 (0.47) -- -- 8.18
Class B...................... 7.93 0.43 0.22 (0.41) -- -- 8.17
Class C...................... 7.93 0.44 0.22 (0.42) -- -- 8.17
Class Y...................... 7.94 0.39 0.36 (0.52) -- -- 8.17
For the Year Ended October
31, 2003(g)
Class A...................... 6.73 0.60 1.26 (0.65) -- -- 7.94
Class B...................... 6.72 0.57 1.24 (0.60) -- -- 7.93
Class C...................... 6.72 0.55 1.26 (0.60) -- -- 7.93
Class Y...................... 6.73 0.65 1.24 (0.68) -- -- 7.94
For the Year Ended October
31, 2002(g)
Class A...................... 8.45 0.82 (1.78) (0.76) -- -- 6.73
Class B...................... 8.43 0.80 (1.81) (0.70) -- -- 6.72
Class C...................... 8.43 0.72 (1.73) (0.70) -- -- 6.72
Class Y...................... 8.48 0.34 (1.30) (0.79) -- -- 6.73
For the Year Ended October
31, 2001
Class A...................... 9.06 0.78 (0.61) (0.78) -- -- 8.45
Class B...................... 9.05 0.72 (0.62) (0.72) -- -- 8.43
Class C...................... 9.05 0.72 (0.62) (0.72) -- -- 8.43
Class Y...................... 9.10 0.83 (0.63) (0.82) -- -- 8.48
For the Ten Months Ended
October 31, 2000
Class A...................... 9.75 0.66 (0.69) (0.66) -- -- 9.06
Class B...................... 9.74 0.62 (0.71) (0.60) -- -- 9.05
Class C...................... 9.74 0.61 (0.70) (0.60) -- -- 9.05
Class Y...................... 9.78 0.69 (0.69) (0.68) -- -- 9.10
THE HARTFORD INCOME ALLOCATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.15 0.16 (0.12) (0.16) -- -- 10.03
Class B...................... 10.14 0.13 (0.12) (0.12) -- -- 10.03
Class C...................... 10.14 0.12 (0.11) (0.12) -- -- 10.03
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 10.00 0.09 0.15 (0.09) -- -- 10.15
Class B...................... 10.00 0.07 0.14 (0.07) -- -- 10.14
Class C...................... 10.00 0.07 0.14 (0.07) -- -- 10.14
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD HIGH YIELD FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... (1.60)%(d) $208,145 1.32%(b) 1.32%(b) 5.74%(b) 54%
Class B...................... (2.11)(d) 53,627 2.09(b) 2.09(b) 4.97(b) --
Class C...................... (1.93)(d) 57,999 1.99(b) 1.99(b) 5.06(b) --
Class Y...................... (1.37)(d) 19,286 0.86(b) 0.86(b) 6.24(b) --
For the Year Ended October
31, 2004(g)
Class A...................... 9.26 247,364 1.35 1.35 6.03 86
Class B...................... 8.45 63,972 2.07 2.07 5.32 --
Class C...................... 8.54 71,673 1.98 1.98 5.40 --
Class Y...................... 9.72 16,410 0.84 0.84 6.13 --
For the Year Ended October
31, 2003(g)
Class A...................... 28.69 213,377 1.49 1.40 7.98 54
Class B...................... 27.83 72,293 2.23 2.10 7.39 --
Class C...................... 27.84 77,968 2.10 2.10 7.31 --
Class Y...................... 29.27 1 1.69 0.95 8.70 --
For the Year Ended October
31, 2002(g)
Class A...................... (12.16) 95,760 1.55 1.40 9.48 22
Class B...................... (12.70) 44,359 2.24 2.10 8.78 --
Class C...................... (12.65) 40,611 2.10 2.10 8.78 --
Class Y...................... (12.01) 1 0.84 0.84 10.04 --
For the Year Ended October
31, 2001
Class A...................... 1.80 45,753 1.40 1.35 9.00 63
Class B...................... 0.99 16,922 2.08 2.08 8.28 --
Class C...................... 1.01 27,605 2.08 2.08 8.28 --
Class Y...................... 2.15 4,223 0.88 0.88 9.48 --
For the Ten Months Ended
October 31, 2000
Class A...................... (0.35)(d) 23,214 1.38(b) 1.33(b) 8.55(b) 57
Class B...................... (0.92)(d) 7,929 2.04(b) 2.04(b) 7.84(b) --
Class C...................... (0.90)(d) 9,534 2.04(b) 2.04(b) 7.83(b) --
Class Y...................... 0.02(d) 2,955 0.89(b) 0.89(b) 8.99(b) --
THE HARTFORD INCOME ALLOCATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 0.40(d) 14,967 0.79(b)(g) 0.58(b)(g) 3.30(b) 17
Class B...................... 0.14(d) 3,811 1.61(b)(g) 1.28(b)(g) 2.63(b) --
Class C...................... 0.14(d) 6,995 1.56(b)(g) 1.28(b)(g) 2.53(b) --
From (commencement of
operations) May 28, 2004,
through October 31, 2004
Class A...................... 2.42(d) 10,539 0.73(b)(g) 0.56(b)(g) 3.21(b) 3
Class B...................... 2.08(d) 1,690 1.63(b)(g) 1.26(b)(g) 2.56(b) --
Class C...................... 2.08(d) 4,880 1.48(b)(g) 1.26(b)(g) 2.59(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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(i)Without the inclusion of the Payment from Affiliate as noted on the Statement
of Operations, the total return would have been 9.25%, 8.45% and 8.44% for
Classes A, B and C, respectively. The net asset impact of the Payment from
Affiliate was less than $0.01 for Classes A and B and $0.01 for Class C.
See Notes to Financial Statements.
248
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS
--------- ---------- ------------ ---------- -------------
THE HARTFORD INCOME FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $10.72 $0.25 $(0.27) $(0.24) $(0.04)
Class B.................................................... 10.72 0.21 (0.26) (0.20) (0.04)
Class C.................................................... 10.74 0.21 (0.26) (0.20) (0.04)
Class Y.................................................... 10.72 0.25 (0.25) (0.26) (0.04)
For the Year Ended October 31, 2004
Class A.................................................... 10.53 0.48 0.22 (0.51) --
Class B.................................................... 10.53 0.42 0.21 (0.44) --
Class C.................................................... 10.55 0.41 0.22 (0.44) --
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... 10.54 0.48 0.20 (0.50) --
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, 2005
Class A.................................................... 10.95 0.15 0.13 (0.16) (0.09)
Class B.................................................... 10.96 0.11 0.13 (0.12) (0.09)
Class C.................................................... 10.96 0.11 0.12 (0.12) (0.09)
Class Y.................................................... 10.97 0.18 0.11 (0.18) (0.09)
For the Year Ended October 31, 2004
Class A.................................................... 10.63 0.30 0.37 (0.31) (0.04)
Class B.................................................... 10.64 0.22 0.37 (0.23) (0.04)
Class C.................................................... 10.63 0.23 0.37 (0.23) (0.04)
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... 10.57 0.28 0.44 (0.32) --
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) --
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------
RATIO OF
EXPENSES
NET ASSET NET ASSETS TO AVERAGE
DISTRIBUTIONS VALUE AT AT END OF NET ASSETS
FROM END OF TOTAL PERIOD BEFORE
CAPITAL PERIOD RETURN(C) (000'S) WAIVERS
------------- --------- --------- ---------- ----------
THE HARTFORD INCOME FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $ -- $10.42 (0.14)% $ 27,940 1.21%(b)
Class B.................................................... -- 10.43 (0.40) 5,383 2.08(b)
Class C.................................................... -- 10.45 (0.41) 5,462 1.98(b)
Class Y.................................................... -- 10.42 (0.01) 10,196 0.80(b)
For the Year Ended October 31, 2004
Class A.................................................... -- 10.72 6.85 29,580 1.14
Class B.................................................... -- 10.72 6.10 5,541 1.95
Class C.................................................... -- 10.74 6.09 5,562 1.88
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... -- 10.72 6.57(d) 10 0.73(b)
From inception October 31, 2002, through October 31, 2003
Class A.................................................... -- 10.53 10.79(d) 15,836 1.54(b)
Class B.................................................... -- 10.53 10.01(d) 4,705 2.31(b)
Class C.................................................... -- 10.55 10.22(d) 5,050 2.17(b)
THE HARTFORD INFLATION PLUS FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... -- 10.98 2.61(d) 366,635 1.00(b)
Class B.................................................... -- 10.99 2.22(d) 118,739 1.81(b)
Class C.................................................... -- 10.98 2.13(d) 376,023 1.76(b)
Class Y.................................................... -- 10.99 2.67(d) 62,994 0.69(b)
For the Year Ended October 31, 2004
Class A.................................................... -- 10.95 6.39 313,961 1.04
Class B.................................................... -- 10.96 5.65 107,964 1.81
Class C.................................................... -- 10.96 5.74 319,990 1.76
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... -- 10.97 6.89(d) 23,045 0.65(b)
From inception October 31, 2002, through October 31, 2003
Class A.................................................... -- 10.63 9.02 142,992 1.34(b)
Class B.................................................... -- 10.64 8.41 67,986 2.09(b)
Class C.................................................... -- 10.63 8.31 160,253 1.95(b)
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
-----------------------------------
RATIO OF RATIO OF
EXPENSES NET
TO AVERAGE INVESTMENT
NET ASSETS INCOME PORTFOLIO
AFTER TO AVERAGE TURNOVER
WAIVERS NET ASSETS RATE(E)
---------- ---------- ---------
THE HARTFORD INCOME FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 0.95%(b) 4.70%(b) 116%
Class B.................................................... 1.70(b) 3.95(b) --
Class C.................................................... 1.70(b) 3.95(b) --
Class Y.................................................... 0.70(b) 5.13(b) --
For the Year Ended October 31, 2004
Class A.................................................... 1.00 4.60 167
Class B.................................................... 1.70 3.90 --
Class C.................................................... 1.70 3.90 --
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... 0.70(b) 4.89(b) --
From inception October 31, 2002, through October 31, 2003
Class A.................................................... 1.00(b) 5.06(b) 124
Class B.................................................... 1.70(b) 4.31(b) --
Class C.................................................... 1.70(b) 4.28(b) --
THE HARTFORD INFLATION PLUS FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 0.95(b) 2.78(b) 28
Class B.................................................... 1.70(b) 2.02(b) --
Class C.................................................... 1.70(b) 2.04(b) --
Class Y.................................................... 0.69(b) 3.21(b) --
For the Year Ended October 31, 2004
Class A.................................................... 1.00 3.04 81
Class B.................................................... 1.70 2.21 --
Class C.................................................... 1.70 2.33 --
From inception November 28, 2003, through October 31, 2004
Class Y.................................................... 0.65(b) 1.55(b) --
From inception October 31, 2002, through October 31, 2003
Class A.................................................... 1.00(b) 2.63(b) 23
Class B.................................................... 1.70(b) 1.98(b) --
Class C.................................................... 1.70(b) 1.97(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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
249
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS
--------- ---------- ------------ ---------- -------------
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $11.59 $ 0.05 $(0.13) $ -- $ --
Class B.................................................... 11.32 0.01 (0.14) -- --
Class C.................................................... 11.32 0.01 (0.13) -- --
Class Y.................................................... 11.72 0.06 (0.12) -- --
For the Year Ended October 31, 2004(f)
Class A.................................................... 9.62 (0.01) 2.03 -- (0.05)
Class B.................................................... 9.46 (0.08) 1.99 -- (0.05)
Class C.................................................... 9.46 (0.08) 1.99 -- (0.05)
Class Y.................................................... 9.69 (0.01) 2.09 -- (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(f)
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) -- --
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 11.22 0.03 0.71 -- --
Class B.................................................... 10.64 (0.02) 0.68 -- --
Class C.................................................... 10.57 (0.02) 0.68 -- --
Class Y.................................................... 11.53 0.06 0.73 -- --
For the Year Ended October 31, 2004
Class A.................................................... 9.66 0.03 1.54 (0.01) --
Class B.................................................... 9.22 (0.05) 1.47 -- --
Class C.................................................... 9.16 (0.05) 1.46 -- --
Class Y.................................................... 9.91 0.11 1.56 (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(f)
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)
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
-----------------------------------------------------------------
RATIO OF
EXPENSES
NET ASSET NET ASSETS TO AVERAGE
DISTRIBUTIONS VALUE AT AT END OF NET ASSETS
FROM END OF TOTAL PERIOD BEFORE
CAPITAL PERIOD RETURN(C) (000'S) WAIVERS
------------- --------- --------- ---------- ----------
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $ -- $11.51 (0.69)%(d) $111,612 1.80%(b)
Class B.................................................... -- 11.19 (1.15)(d) 18,727 2.70(b)
Class C.................................................... -- 11.20 (1.06)(d) 26,068 2.55(b)
Class Y.................................................... -- 11.66 (0.51)(d) 49,693 1.27(b)
For the Year Ended October 31, 2004(f)
Class A.................................................... -- 11.59 21.14 50,051 1.91
Class B.................................................... -- 11.32 20.33 8,968 2.83
Class C.................................................... -- 11.32 20.33 12,906 2.63
Class Y.................................................... -- 11.72 21.61 28,775 1.31
For the Year Ended October 31, 2003
Class A.................................................... -- 9.62 38.95 11,362 2.36
Class B.................................................... -- 9.46 37.90 2,148 3.08
Class C.................................................... -- 9.46 37.90 2,285 2.95
Class Y.................................................... -- 9.69 39.57 292 1.80
For the Year Ended October 31, 2002(f)
Class A.................................................... -- 6.93 (9.06) 4,666 2.98
Class B.................................................... -- 6.86 (9.62) 813 3.69
Class C.................................................... -- 6.86 (9.62) 826 3.55
Class Y.................................................... -- 6.98 (8.52) 209 2.19
From inception April 30, 2001, through October 31, 2001
Class A.................................................... -- 7.62 (23.80)(d) 2,579 2.64(b)
Class B.................................................... -- 7.59 (24.10)(d) 327 3.35(b)
Class C.................................................... -- 7.59 (24.10)(d) 316 3.32(b)
Class Y.................................................... -- 7.63 (23.70)(d) 229 2.10(b)
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... -- 11.96 6.60(d) 93,320 1.77(b)
Class B.................................................... -- 11.30 6.20(d) 23,952 2.74(b)
Class C.................................................... -- 11.23 6.24(d) 15,909 2.48(b)
Class Y.................................................... -- 12.32 6.85(d) 4,951 1.10(b)
For the Year Ended October 31, 2004
Class A.................................................... -- 11.22 16.20 87,348 1.83
Class B.................................................... -- 10.64 15.40 23,301 2.77
Class C.................................................... -- 10.57 15.39 15,749 2.48
Class Y.................................................... -- 11.53 16.87 4,288 1.09
For the Year Ended October 31, 2003
Class A.................................................... -- 9.66 20.30 69,153 1.72
Class B.................................................... -- 9.22 19.58 20,459 2.45
Class C.................................................... -- 9.16 19.43 14,790 2.35
Class Y.................................................... -- 9.91 21.00 6,058 1.13
For the Year Ended October 31, 2002(f)
Class A.................................................... -- 8.03 (13.93) 66,775 1.82
Class B.................................................... -- 7.71 (14.71) 18,668 2.50
Class C.................................................... -- 7.67 (14.68) 13,438 2.40
Class Y.................................................... -- 8.19 (13.70) 4,543 1.13
For the Year Ended October 31, 2001
Class A.................................................... -- 9.33 (24.87) 72,326 1.61
Class B.................................................... -- 9.04 (25.46) 18,798 2.30
Class C.................................................... -- 8.99 (25.51) 18,523 2.28
Class Y.................................................... -- 9.49 (24.56) 17,092 1.06
For the Ten Months Ended October 31, 2000
Class A.................................................... -- 13.03 (15.18)(d) 89,309 1.60(b)
Class B.................................................... -- 12.74 (15.70)(d) 25,872 2.29(b)
Class C.................................................... -- 12.68 (15.70)(d) 26,912 2.27(b)
Class Y.................................................... -- 13.19 (14.91)(d) 22,454 1.06(b)
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------
RATIO OF RATIO OF
EXPENSES NET
TO AVERAGE INVESTMENT
NET ASSETS INCOME PORTFOLIO
AFTER TO AVERAGE TURNOVER
WAIVERS NET ASSETS RATE(E)
---------- ---------- ---------
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 1.60%(b)(g) 1.09%(b) 107%
Class B.................................................... 2.35(b)(g) 0.33(b) --
Class C.................................................... 2.35(b)(g) 0.33(b) --
Class Y.................................................... 1.20(b)(g) 1.47(b) --
For the Year Ended October 31, 2004(f)
Class A.................................................... 1.65(g) (0.10) 200
Class B.................................................... 2.35(g) (0.80) --
Class C.................................................... 2.35(g) (0.79) --
Class Y.................................................... 1.20(g) (0.09) --
For the Year Ended October 31, 2003
Class A.................................................... 1.65 (0.35) 281
Class B.................................................... 2.35 (1.04) --
Class C.................................................... 2.35 (1.01) --
Class Y.................................................... 1.20 0.16 --
For the Year Ended October 31, 2002(f)
Class A.................................................... 1.65 0.34 330
Class B.................................................... 2.35 (0.42) --
Class C.................................................... 2.35 (0.34) --
Class Y.................................................... 1.20 0.79 --
From inception April 30, 2001, through October 31, 2001
Class A.................................................... 1.65(b) (0.09)(b) 135
Class B.................................................... 2.35(b) (0.79)(b) --
Class C.................................................... 2.35(b) (0.79)(b) --
Class Y.................................................... 1.20(b) 0.36(b) --
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 1.57(b)(h) 0.45(b) 65
Class B.................................................... 2.35(b)(h) (0.35)(b) --
Class C.................................................... 2.35(b)(h) (0.35)(b) --
Class Y.................................................... 1.10(b)(h) 0.95(b) --
For the Year Ended October 31, 2004
Class A.................................................... 1.65(h) 0.33 143
Class B.................................................... 2.35(h) (0.39) --
Class C.................................................... 2.35(h) (0.38) --
Class Y.................................................... 1.08(h) 0.82 --
For the Year Ended October 31, 2003
Class A.................................................... 1.65 0.25 138
Class B.................................................... 2.35 (0.46) --
Class C.................................................... 2.35 (0.45) --
Class Y.................................................... 1.13 0.77 --
For the Year Ended October 31, 2002(f)
Class A.................................................... 1.65 0.34 175
Class B.................................................... 2.35 (0.79) --
Class C.................................................... 2.35 (0.64) --
Class Y.................................................... 1.13 0.31 --
For the Year Ended October 31, 2001
Class A.................................................... 1.56 0.47 158
Class B.................................................... 2.30 (0.28) --
Class C.................................................... 2.28 (0.25) --
Class Y.................................................... 1.06 0.97 --
For the Ten Months Ended October 31, 2000
Class A.................................................... 1.55(b) 0.64(b) 121
Class B.................................................... 2.29(b) (0.09)(b) --
Class C.................................................... 2.27(b) (0.07)(b) --
Class Y.................................................... 1.06(b) 1.13(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 calculated using average shares outstanding
method.
(g)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.55%, 2.30%, 2.30% and 1.14% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.59%, 2.29%, 2.28% and
1.05% for Classes A, B, C and Y, respectively.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.53%, 2.31%, 2.31% and 1.05% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.60%, 2.30%, 2.30% and
1.03% for Classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
250
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS
--------- ---------- ------------ ---------- -------------
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $13.44 $ 0.01 $ 1.06 $ -- $(1.48)
Class B.................................................... 13.23 @@ 1.00 -- (1.48)
Class C.................................................... 13.12 (0.01) 1.00 -- (1.48)
Class Y.................................................... 13.54 0.03 1.08 (0.04) (1.48)
For the Year Ended October 31, 2004
Class A.................................................... 12.93 0.07 1.31 @@ (0.87)
Class B.................................................... 12.82 0.02 1.26 -- (0.87)
Class C.................................................... 12.72 0.03 1.24 -- (0.87)
Class Y.................................................... 13.02 0.14 1.30 (0.05) (0.87)
For the Year Ended October 31, 2003 (f)
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 (f)
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) -- --
THE HARTFORD MIDCAP FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 22.61 (0.02) 1.29 -- (0.48)
Class B.................................................... 21.47 (0.11) 1.22 -- (0.48)
Class C.................................................... 21.52 (0.10) 1.23 -- (0.48)
Class Y.................................................... 23.43 0.04 1.32 -- (0.48)
For the Year Ended October 31, 2004
Class A.................................................... 20.58 (0.09) 2.12 -- --
Class B.................................................... 19.68 (0.25) 2.04 -- --
Class C.................................................... 19.71 (0.23) 2.04 -- --
Class Y.................................................... 21.21 0.02 2.20 -- --
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 (f)
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)
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------
RATIO OF
EXPENSES
NET ASSET NET ASSETS TO AVERAGE
DISTRIBUTIONS VALUE AT AT END OF NET ASSETS
FROM END OF TOTAL PERIOD BEFORE
CAPITAL PERIOD RETURN(C) (000'S) WAIVERS
------------- --------- --------- ---------- ----------
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... $ -- $13.03 8.57%(d) $ 30,677 1.87%(b)
Class B.................................................... -- 12.75 8.13(d) 5,142 2.81(b)
Class C.................................................... -- 12.63 8.12(d) 11,900 2.53(b)
Class Y.................................................... -- 13.13 8.80(d) 59,778 1.36(b)
For the Year Ended October 31, 2004
Class A.................................................... -- 13.44 11.39 23,934 1.99
Class B.................................................... -- 13.23 10.62 3,726 2.89
Class C.................................................... -- 13.12 10.63 10,072 2.60
Class Y.................................................... -- 13.54 11.80 42,449 1.41
For the Year Ended October 31, 2003 (f)
Class A.................................................... -- 12.93 54.76 12,320 2.36
Class B.................................................... -- 12.82 53.72 2,237 3.09
Class C.................................................... -- 12.72 53.62 3,004 2.96
Class Y.................................................... -- 13.02 55.47 25,154 1.64
For the Year Ended October 31, 2002 (f)
Class A.................................................... -- 8.37 (5.10) 4,598 3.09
Class B.................................................... -- 8.34 (5.34) 926 3.81
Class C.................................................... -- 8.28 (5.70) 859 3.53
Class Y.................................................... -- 8.43 (4.64) 969 1.91
From inception April 30, 2001, through October 31, 2001
Class A.................................................... -- 8.82 (11.80)(d) 2,156 3.46(b)
Class B.................................................... -- 8.81 (11.90)(d) 275 4.12(b)
Class C.................................................... -- 8.78 (12.20)(d) 425 4.12(b)
Class Y.................................................... -- 8.84 (11.60)(d) 265 2.92(b)
THE HARTFORD MIDCAP FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... -- 23.40 5.66(d) 1,520,256 1.31(b)
Class B.................................................... -- 22.10 5.21(d) 437,953 2.09(b)
Class C.................................................... -- 22.17 5.29(d) 473,679 2.00(b)
Class Y.................................................... -- 24.31 5.85(d) 119,489 0.84(b)
For the Year Ended October 31, 2004
Class A.................................................... -- 22.61 9.86 1,544,968 1.37
Class B.................................................... -- 21.47 9.10 438,658 2.11
Class C.................................................... -- 21.52 9.18 484,268 2.02
Class Y.................................................... -- 23.43 10.47 104,534 0.85
For the Year Ended October 31, 2003
Class A.................................................... -- 20.58 32.77 1,413,021 1.50
Class B.................................................... -- 19.68 31.82 424,959 2.23
Class C.................................................... -- 19.71 31.93 477,891 2.10
Class Y.................................................... -- 21.21 33.56 83,996 0.90
For the Year Ended October 31, 2002 (f)
Class A.................................................... -- 15.50 (6.46) 704,238 1.56
Class B.................................................... -- 14.93 (7.09) 266,650 2.24
Class C.................................................... -- 14.94 (7.09) 275,305 2.12
Class Y.................................................... -- 15.88 (5.98) 27,319 0.92
For the Year Ended October 31, 2001
Class A.................................................... -- 16.57 (18.94) 612,750 1.43
Class B.................................................... -- 16.07 (19.58) 265,683 2.11
Class C.................................................... -- 16.08 (19.53) 285,908 2.09
Class Y.................................................... -- 16.89 (18.58) 52,576 0.88
For the Ten Months Ended October 31, 2000
Class A.................................................... -- 22.42 30.50(d) 425,686 1.48(b)
Class B.................................................... -- 21.96 29.72(d) 185,830 2.15(b)
Class C.................................................... -- 21.96 29.72(d) 217,965 2.14(b)
Class Y.................................................... -- 22.72 31.01(d) 62,343 0.96(b)
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------
RATIO OF RATIO OF
EXPENSES NET
TO AVERAGE INVESTMENT
NET ASSETS INCOME PORTFOLIO
AFTER TO AVERAGE TURNOVER
WAIVERS NET ASSETS RATE(E)
---------- ---------- ---------
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 1.60%(b)(g) 0.61%(b) 55%
Class B.................................................... 2.35(b)(g) (0.07)(b) --
Class C.................................................... 2.35(b)(g) (0.18)(b) --
Class Y.................................................... 1.20(b)(g) 1.05(b) --
For the Year Ended October 31, 2004
Class A.................................................... 1.65(g) 0.90 119
Class B.................................................... 2.35(g) 0.15 --
Class C.................................................... 2.35(g) 0.27 --
Class Y.................................................... 1.20(g) 1.26 --
For the Year Ended October 31, 2003 (f)
Class A.................................................... 1.65 0.72 166
Class B.................................................... 2.35 0.03 --
Class C.................................................... 2.35 (0.03) --
Class Y.................................................... 1.20 0.93 --
For the Year Ended October 31, 2002 (f)
Class A.................................................... 1.65 0.44 194
Class B.................................................... 2.35 (0.26) --
Class C.................................................... 2.35 (0.26) --
Class Y.................................................... 1.20 0.89 --
From inception April 30, 2001, through October 31, 2001
Class A.................................................... 1.65(b) 0.86(b) 128
Class B.................................................... 2.35(b) 0.16(b) --
Class C.................................................... 2.35(b) 0.16(b) --
Class Y.................................................... 1.20(b) 1.31(b) --
THE HARTFORD MIDCAP FUND
For the Six-Month Period Ended April 30, 2005
Class A.................................................... 1.31(b)(h) (0.15)(b) 45
Class B.................................................... 2.09(b)(h) (0.93)(b) --
Class C.................................................... 2.00(b)(h) (0.84)(b) --
Class Y.................................................... 0.84(b)(h) 0.31(b) --
For the Year Ended October 31, 2004
Class A.................................................... 1.37(h) (0.41) 52
Class B.................................................... 2.11(h) (1.15) --
Class C.................................................... 2.02(h) (1.06) --
Class Y.................................................... 0.85(h) 0.11 --
For the Year Ended October 31, 2003
Class A.................................................... 1.48 (0.58) 70
Class B.................................................... 2.20 (1.30) --
Class C.................................................... 2.10 (1.21) --
Class Y.................................................... 0.90 (0.01) --
For the Year Ended October 31, 2002 (f)
Class A.................................................... 1.45 (0.65) 109
Class B.................................................... 2.15 (1.35) --
Class C.................................................... 2.12 (1.31) --
Class Y.................................................... 0.92 (0.08) --
For the Year Ended October 31, 2001
Class A.................................................... 1.38 (0.53) 116
Class B.................................................... 2.11 (1.28) --
Class C.................................................... 2.09 (1.24) --
Class Y.................................................... 0.88 (0.03) --
For the Ten Months Ended October 31, 2000
Class A.................................................... 1.43(b) (0.80)(b) 110
Class B.................................................... 2.15(b) (1.52)(b) --
Class C.................................................... 2.14(b) (1.51)(b) --
Class Y.................................................... 0.96(b) (0.33)(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 calculated using average shares outstanding
method.
(g)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.56%, 2.31%, 2.31% and 1.16% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.60%, 2.30%, 2.29% and
1.15% for Classes A, B, C and Y, respectively.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.30%, 2.07%, 1.99% and 0.82% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.36%, 2.10%, 2.00% and
0.84% for Classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
251
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD MIDCAP VALUE FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $12.89 $(0.03) $ 0.43 $ -- $(0.97) $ -- $12.32
Class B...................... 12.59 (0.07) 0.41 -- (0.97) -- 11.96
Class C...................... 12.59 (0.07) 0.41 -- (0.97) -- 11.96
Class Y...................... 13.11 @@ 0.43 -- (0.97) -- 12.57
For the Year Ended October
31, 2004
Class A...................... 11.32 (0.04) 1.61 -- -- -- 12.89
Class B...................... 11.12 (0.13) 1.60 -- -- -- 12.59
Class C...................... 11.13 (0.13) 1.59 -- -- -- 12.59
Class Y...................... 11.46 (0.01) 1.66 -- -- -- 13.11
For the Year Ended October
31, 2003(f)
Class A...................... 8.34 (0.03) 3.01 -- -- -- 11.32
Class B...................... 8.25 (0.09) 2.96 -- -- -- 11.12
Class C...................... 8.25 (0.09) 2.97 -- -- -- 11.13
Class Y...................... 8.39 0.02 3.05 -- -- -- 11.46
For the Year Ended October
31, 2002(f)
Class A...................... 8.48 (0.02) (0.12) -- -- -- 8.34
Class B...................... 8.46 (0.09) (0.12) -- -- -- 8.25
Class C...................... 8.46 (0.09) (0.12) -- -- -- 8.25
Class Y...................... 8.50 0.01 (0.12) -- -- -- 8.39
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 (0.01) (1.51) -- -- -- 8.48
Class B...................... 10.00 (0.02) (1.52) -- -- -- 8.46
Class C...................... 10.00 (0.02) (1.52) -- -- -- 8.46
Class Y...................... 10.00 (0.01) (1.49) -- -- -- 8.50
THE HARTFORD MONEY MARKET FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.00 0.007 -- (0.007) -- -- 1.00
Class B...................... 1.00 0.004 -- (0.004) -- -- 1.00
Class C...................... 1.00 0.004 -- (0.004) -- -- 1.00
Class Y...................... 1.00 0.009 -- (0.009) -- -- 1.00
For the Year Ended October
31, 2004
Class A...................... 1.00 0.003 -- (0.003) -- -- 1.00
Class B...................... 1.00 0.0001 -- (0.0001) -- -- 1.00
Class C...................... 1.00 0.0001 -- (0.0001) -- -- 1.00
Class Y...................... 1.00 0.007 -- (0.007) -- -- 1.00
For the Year Ended October
31, 2003
Class A...................... 1.00 0.003 -- (0.003) -- -- 1.00
Class B...................... 1.00 -- -- -- -- -- 1.00
Class C...................... 1.00 -- -- -- -- -- 1.00
Class Y...................... 1.00 0.008 -- (0.008) -- -- 1.00
For the Year Ended October
31, 2002(f)
Class A...................... 1.00 0.011 -- (0.011) -- -- 1.00
Class B...................... 1.00 0.004 -- (0.004) -- -- 1.00
Class C...................... 1.00 0.004 -- (0.004) -- -- 1.00
Class Y...................... 1.00 0.017 -- (0.017) -- -- 1.00
For the Year Ended October
31, 2001
Class A...................... 1.00 0.04 -- (0.04) -- -- 1.00
Class B...................... 1.00 0.03 -- (0.03) -- -- 1.00
Class C...................... 1.00 0.03 -- (0.03) -- -- 1.00
Class Y...................... 1.00 0.04 -- (0.04) -- -- 1.00
For the Ten Months Ended
October 31, 2000
Class A...................... 1.00 0.04 -- (0.04) -- -- 1.00
Class B...................... 1.00 0.04 -- (0.04) -- -- 1.00
Class C...................... 1.00 0.04 -- (0.04) -- -- 1.00
Class Y...................... 1.00 0.05 -- (0.05) -- -- 1.00
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD MIDCAP VALUE FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 3.18%(d) $274,554 1.51%(b) 1.40%(b)(h) (0.40)%(b) 31%
Class B...................... 2.76(d) 58,622 2.36(b) 2.15(b)(h) (1.15)(b) --
Class C...................... 2.75(d) 62,936 2.20(b) 2.15(b)(h) (1.15)(b) --
Class Y...................... 3.37(d) 29,370 0.98(b) 0.98(b)(h) (0.04)(b) --
For the Year Ended October
31, 2004
Class A...................... 13.87 280,173 1.56 1.45(h) (0.03) 46
Class B...................... 13.22 60,558 2.36 2.15(h) (1.04) --
Class C...................... 13.12 67,132 2.20 2.15(h) (1.04) --
Class Y...................... 14.40 2,474 0.90 0.90(h) (0.12) --
For the Year Ended October
31, 2003(f)
Class A...................... 35.73 155,614 1.60 1.45 (0.35) 56
Class B...................... 34.79 42,407 2.33 2.15 (1.05) --
Class C...................... 34.91 49,566 2.20 2.15 (1.05) --
Class Y...................... 36.59 29 1.03 1.00 0.16 --
For the Year Ended October
31, 2002(f)
Class A...................... (1.65) 94,532 1.68 1.45 (0.23) 40
Class B...................... (2.48) 26,556 2.38 2.15 (0.95) --
Class C...................... (2.48) 32,274 2.27 2.15 (0.96) --
Class Y...................... (1.29) 252 1.02 1.00 0.23 --
From inception April 30,
2001, through October 31,
2001
Class A...................... (15.20)(d) 26,812 1.69(b) 1.40(b) (0.20)(b) 28
Class B...................... (15.40)(d) 7,158 2.38(b) 2.10(b) (0.90)(b) --
Class C...................... (15.40)(d) 8,975 2.37(b) 2.10(b) (0.90)(b) --
Class Y...................... (15.00)(d) 255 1.11(b) 0.95(b) 0.25(b) --
THE HARTFORD MONEY MARKET FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 0.74(d) 187,641 1.25(b) 0.95(b) 1.46(b) N/A
Class B...................... 0.36(d) 36,328 1.89(b) 1.70(b) 0.69(b) --
Class C...................... 0.36(d) 22,219 1.81(b) 1.70(b) 0.71(b) --
Class Y...................... 0.94(d) 13,224 0.62(b) 0.55(b) 1.90(b) --
For the Year Ended October
31, 2004
Class A...................... 0.28 205,442 1.22 1.00 0.27 N/A
Class B...................... 0.01 45,836 1.82 1.25 0.01 --
Class C...................... 0.01 26,626 1.77 1.27 0.01 --
Class Y...................... 0.72 9,698 0.56 0.55 0.96 --
For the Year Ended October
31, 2003
Class A...................... 0.32 246,199 1.28 1.00 0.33 N/A
Class B...................... 0.00 67,732 2.01 1.33(i) 0.01 --
Class C...................... 0.00 29,955 1.89 1.36(i) 0.01 --
Class Y...................... 0.78 1,162 0.68 0.55 0.84 --
For the Year Ended October
31, 2002(f)
Class A...................... 1.09 302,862 1.30 1.00 1.06 N/A
Class B...................... 0.43 99,048 1.96 1.70 0.37 --
Class C...................... 0.42 65,894 1.82 1.70 0.37 --
Class Y...................... 1.72 2,815 0.62 0.55 1.51 --
For the Year Ended October
31, 2001
Class A...................... 4.02 86,748 1.19 1.00 3.63 N/A
Class B...................... 3.31 48,998 1.85 1.70 2.93 --
Class C...................... 3.31 53,873 1.82 1.70 2.93 --
Class Y...................... 4.49 33,309 0.61 0.55 4.08 --
For the Ten Months Ended
October 31, 2000
Class A...................... 4.54(d) 43,897 1.20(b) 1.00(b) 5.35(b) N/A
Class B...................... 3.94(d) 14,974 1.85(b) 1.70(b) 4.65(b) --
Class C...................... 3.93(d) 6,842 1.85(b) 1.70(b) 4.65(b) --
Class Y...................... 4.94(d) 18,325 0.65(b) 0.55(b) 5.80(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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.39%, 2.14%, 2.14% and 0.97% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.43%, 2.13%, 2.13% and
0.88% for Classes A, B, C and Y, respectively.
(i)Expense ratio includes a practical waiver of 12b-1 fees.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
252
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD SELECT MIDCAP
GROWTH FUND
From inception January 1,
2005, through April 30,
2005
Class A...................... $10.06 $(0.02) $(0.76) $ -- $ -- $ -- $ 9.28
Class B...................... 10.06 (0.03) (0.78) -- -- -- 9.25
Class C...................... 10.06 (0.04) (0.77) -- -- -- 9.25
Class Y...................... 10.06 (0.02) (0.75) -- -- -- 9.29
THE HARTFORD SHORT DURATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.08 0.15 (0.12) (0.15) -- -- 9.96
Class B...................... 10.08 0.12 (0.13) (0.11) -- -- 9.96
Class C...................... 10.08 0.12 (0.13) (0.11) -- -- 9.96
Class Y...................... 10.07 0.17 (0.13) (0.16) -- -- 9.95
For the Year Ended October
31, 2004
Class A...................... 10.14 0.30 (0.06) (0.30) -- -- 10.08
Class B...................... 10.14 0.23 (0.06) (0.23) -- -- 10.08
Class C...................... 10.14 0.23 (0.06) (0.23) -- -- 10.08
From inception November 28,
2003, through October 31,
2004
Class Y...................... 10.11 0.30 (0.04) (0.30) -- -- 10.07
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.30 0.14 (0.30) -- -- 10.14
Class B...................... 10.00 0.23 0.14 (0.23) -- -- 10.14
Class C...................... 10.00 0.23 0.14 (0.23) -- -- 10.14
THE HARTFORD SMALL COMPANY
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 15.09 (0.08) 0.34 -- -- -- 15.35
Class B...................... 14.17 (0.14) 0.33 -- -- -- 14.36
Class C...................... 14.19 (0.14) 0.33 -- -- -- 14.38
Class Y...................... 15.74 (0.04) 0.35 -- -- -- 16.05
For the Year Ended October
31, 2004
Class A...................... 14.28 (0.18) 0.99 -- -- -- 15.09
Class B...................... 13.51 (0.27) 0.93 -- -- -- 14.17
Class C...................... 13.52 (0.28) 0.95 -- -- -- 14.19
Class Y...................... 14.83 (0.06) 0.97 -- -- -- 15.74
For the Year Ended October
31, 2003
Class A...................... 9.93 (0.13) 4.48 -- -- -- 14.28
Class B...................... 9.46 (0.20) 4.25 -- -- -- 13.51
Class C...................... 9.47 (0.20) 4.25 -- -- -- 13.52
Class Y...................... 10.27 (0.09) 4.65 -- -- -- 14.83
For the Year Ended October
31, 2002(f)
Class A...................... 12.00 (0.12) (1.95) -- -- -- 9.93
Class B...................... 11.52 (0.20) (1.86) -- -- -- 9.46
Class C...................... 11.53 (0.20) (1.86) -- -- -- 9.47
Class Y...................... 12.35 (0.06) (2.02) -- -- -- 10.27
For the Year Ended October
31, 2001
Class A...................... 18.08 (0.08) (5.41) -- (0.59) -- 12.00
Class B...................... 17.49 (0.16) (5.22) -- (0.59) -- 11.52
Class C...................... 17.51 (0.19) (5.20) -- (0.59) -- 11.53
Class Y...................... 18.50 (0.02) (5.54) -- (0.59) -- 12.35
For the Ten Months Ended
October 31, 2000
Class A...................... 20.48 (0.04) (1.47) -- (0.89) -- 18.08
Class B...................... 19.96 (0.11) (1.47) -- (0.89) -- 17.49
Class C...................... 19.97 (0.12) (1.45) -- (0.89) -- 17.51
Class Y...................... 20.84 (0.02) (1.43) -- (0.89) -- 18.50
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD SELECT MIDCAP
GROWTH FUND
From inception January 1,
2005, through April 30,
2005
Class A...................... (7.75)%(d) $ 9,824 1.96%(b) 1.50%(b) (1.00)%(b) 36%
Class B...................... (8.05)(d) 1,322 3.30(b) 2.25(b) (1.77)(b) --
Class C...................... (8.05)(d) 875 3.24(b) 2.25(b) (1.76)(b) --
Class Y...................... (7.65)(d) 186 1.51(b) 1.10(b) (0.58)(b) --
THE HARTFORD SHORT DURATION
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 0.26 36,996 1.05(b) 0.90(b) 3.10(b) 61
Class B...................... (0.11) 10,095 1.89(b) 1.65(b) 2.34(b) --
Class C...................... (0.11) 29,749 1.79(b) 1.65(b) 2.34(b) --
Class Y...................... 0.40 64,596 0.69(b) 0.65(b) 3.43(b) --
For the Year Ended October
31, 2004
Class A...................... 2.40 39,148 1.06 0.95 2.95 108
Class B...................... 1.68 12,267 1.84 1.65 2.26 --
Class C...................... 1.68 34,949 1.76 1.65 2.26 --
From inception November 28,
2003, through October 31,
2004
Class Y...................... 2.62(d) 31,429 0.61(b) 0.60(b) 3.03(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 4.48 32,753 1.34(b) 0.95(b) 3.14(b) 113
Class B...................... 3.77 10,206 2.09(b) 1.65(b) 2.46(b) --
Class C...................... 3.77 30,660 1.96(b) 1.65(b) 2.44(b) --
THE HARTFORD SMALL COMPANY
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.72(d) 144,349 1.59(b) 1.40(b)(h) (0.99)(b) 57
Class B...................... 1.34(d) 53,552 2.41(b) 2.15(b)(h) (1.73)(b) --
Class C...................... 1.34(d) 41,951 2.31(b) 2.15(b)(h) (1.74)(b) --
Class Y...................... 1.97(d) 33,904 0.98(b) 0.98(b)(h) (0.57)(b) --
For the Year Ended October
31, 2004
Class A...................... 5.67 156,278 1.62 1.45(h) (1.15) 142
Class B...................... 4.88 58,438 2.40 2.15(h) (1.85) --
Class C...................... 4.96 49,327 2.30 2.15(h) (1.85) --
Class Y...................... 6.14 15,731 0.99 0.99(h) (0.71) --
For the Year Ended October
31, 2003
Class A...................... 43.81 141,327 1.63 1.45 (1.19) 179
Class B...................... 42.81 58,286 2.36 2.15 (1.89) --
Class C...................... 42.77 52,010 2.23 2.15 (1.88) --
Class Y...................... 44.40 14,472 1.05 1.00 (0.73) --
For the Year Ended October
31, 2002(f)
Class A...................... (17.25) 96,302 1.64 1.45 (0.97) 226
Class B...................... (17.88) 41,439 2.31 2.15 (1.67) --
Class C...................... (17.87) 38,938 2.20 2.15 (1.65) --
Class Y...................... (16.84) 10,834 1.00 1.00 (0.53) --
For the Year Ended October
31, 2001
Class A...................... (31.36) 116,398 1.51 1.45 (0.64) 224
Class B...................... (31.80) 49,738 2.19 2.15 (1.34) --
Class C...................... (31.82) 51,234 2.17 2.15 (1.34) --
Class Y...................... (31.02) 33,473 0.95 0.95 (0.14) --
For the Ten Months Ended
October 31, 2000
Class A...................... (7.70)(d) 164,280 1.50(b) 1.45(b) (0.72)(b) 158
Class B...................... (8.26)(d) 71,323 2.16(b) 2.15(b) (1.42)(b) --
Class C...................... (8.21)(d) 77,337 2.16(b) 2.15(b) (1.42)(b) --
Class Y...................... (7.27)(d) 46,205 0.96(b) 0.96(b) (0.23)(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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.37%, 2.12%, 2.12% and 0.95% for classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.40%, 2.10%, 2.10% and
0.94% for Classes A, B, C and Y, respectively.
253
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD SMALLCAP GROWTH
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $24.60 $(0.09) $ 0.84 $ -- $ -- $ -- $25.35
Class B...................... 22.39 (0.17) 0.77 -- -- -- 22.99
Class C...................... 22.39 (0.18) 0.78 -- -- -- 22.99
Class H...................... 22.46 (0.17) 0.79 -- -- -- 23.08
Class L...................... 24.60 (0.07) 0.85 -- -- -- 25.38
Class M...................... 22.44 (0.16) 0.78 -- -- -- 23.06
Class N...................... 22.46 (0.17) 0.79 -- -- -- 23.08
Class Y...................... 24.88 (0.03) 0.85 -- -- -- 25.70
For the Year Ended October
31, 2004
Class A...................... 22.91 (0.15) 1.84 -- -- -- 24.60
Class B...................... 20.99 (0.28) 1.68 -- -- -- 22.39
Class C...................... 20.99 (0.27) 1.67 -- -- -- 22.39
Class H...................... 21.02 (0.34) 1.78 -- -- -- 22.46
Class L...................... 22.90 (0.19) 1.89 -- -- -- 24.60
Class M...................... 21.00 (0.32) 1.76 -- -- -- 22.44
Class N...................... 21.02 (0.31) 1.75 -- -- -- 22.46
Class Y...................... 23.06 (0.02) 1.84 -- -- -- 24.88
For the Year Ended October
31, 2003
Class A...................... 15.57 (0.09) 7.43 -- -- -- 22.91
Class B...................... 14.36 (0.15) 6.78 -- -- -- 20.99
Class C...................... 14.35 (0.16) 6.80 -- -- -- 20.99
Class H...................... 14.37 (0.25) 6.90 -- -- -- 21.02
Class L...................... 15.56 (0.15) 7.49 -- -- -- 22.90
Class M...................... 14.36 (0.24) 6.88 -- -- -- 21.00
Class N...................... 14.37 (0.24) 6.89 -- -- -- 21.02
Class Y...................... 15.61 (0.08) 7.53 -- -- -- 23.06
For the Period February 19,
2002 through October 31,
2002
Class A...................... 20.21 (0.06) (4.58) -- -- -- 15.57
Class B...................... 18.73 (0.08) (4.29) -- -- -- 14.36
Class C...................... 18.73 (0.09) (4.29) -- -- -- 14.35
Class Y...................... 20.21 (0.08) (4.52) -- -- -- 15.61
For the Year Ended October
31, 2002
Class H...................... 17.71 (0.36) (2.65) -- (0.33) -- 14.37
Class L...................... 19.04 (0.20) (2.95) -- (0.33) -- 15.56
Class M...................... 17.70 (0.33) (2.68) -- (0.33) -- 14.36
Class N...................... 17.71 (0.34) (2.67) -- (0.33) -- 14.37
For the Two-Month Period
Ended October 31, 2001
Class H...................... 19.77 (0.04) (2.02) -- -- -- 17.71
Class L...................... 21.24 (0.03) (2.17) -- -- -- 19.04
Class M...................... 19.76 (0.04) (2.02) -- -- -- 17.70
Class N...................... 19.77 (0.04) (2.02) -- -- -- 17.71
For the Year Ended August 31,
2001
Class H...................... 57.72 (0.72) (24.24) -- (12.99) -- 19.77
Class L...................... 60.44 (0.17) (26.04) -- (12.99) -- 21.24
Class M...................... 57.66 (0.68) (24.23) -- (12.99) -- 19.76
Class N...................... 57.71 (0.71) (24.24) -- (12.99) -- 19.77
For the Year Ended August 31,
2000
Class H...................... 34.94 (0.47) 33.83 -- (10.58) -- 57.72
Class L...................... 36.04 (0.44) 35.42 -- (10.58) -- 60.44
Class M...................... 34.91 (0.47) 33.80 -- (10.58) -- 57.66
Class N...................... 34.94 (0.47) 33.82 -- (10.58) -- 57.71
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD SMALLCAP GROWTH
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 3.05%(d) $ 48,040 1.67%(b) 1.40%(b)(h) (0.72)%(b) 45%
Class B...................... 2.68(d) 13,444 2.55(b) 2.15(b)(h) (1.47)(b) --
Class C...................... 2.68(d) 10,598 2.37(b) 2.15(b)(h) (1.47)(b) --
Class H...................... 2.76(d) 15,324 1.98(b) 1.98(b)(h) (1.29)(b) --
Class L...................... 3.17(d) 112,323 1.23(b) 1.23(b)(h) (0.55)(b) --
Class M...................... 2.76(d) 15,019 1.98(b) 1.98(b)(h) (1.30)(b) --
Class N...................... 2.76(d) 5,749 1.98(b) 1.98(b)(h) (1.30)(b) --
Class Y...................... 3.30(d) 30,015 1.03(b) 1.03(b)(h) (0.39)(b) --
For the Year Ended October
31, 2004
Class A...................... 7.38 42,962 1.77 1.45(h) (0.81) 102
Class B...................... 6.67 11,930 2.59 2.15(h) (1.51) --
Class C...................... 6.67 10,140 2.38 2.15(h) (1.51) --
Class H...................... 6.85 17,328 1.98 1.98(h) (1.34) --
Class L...................... 7.42 114,266 1.43 1.43(h) (0.79) --
Class M...................... 6.86 16,154 1.98 1.98(h) (1.34) --
Class N...................... 6.85 6,115 1.98 1.98(h) (1.34) --
Class Y...................... 7.89 5,788 1.03 1.03(h) (0.47) --
For the Year Ended October
31, 2003
Class A...................... 47.14 17,544 1.61 1.45 (0.83) 122
Class B...................... 46.17 6,571 2.31 2.15 (1.53) --
Class C...................... 46.27 5,076 2.22 2.15 (1.53) --
Class H...................... 46.28 20,767 2.05 2.05 (1.40) --
Class L...................... 47.17 112,621 1.50 1.45 (0.80) --
Class M...................... 46.24 17,992 2.05 2.05 (1.40) --
Class N...................... 46.28 6,110 2.05 2.05 (1.40) --
Class Y...................... 47.72 1 1.11 1.10 (0.46) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... (22.97)(d) 3,457 1.82(b) 1.45(b) (0.93)(b) 93
Class B...................... (23.31)(d) 1,756 2.52(b) 2.15(b) (1.60)(b) --
Class C...................... (23.37)(d) 1,432 2.38(b) 2.15(b) (1.60)(b) --
Class Y...................... (22.77)(d) 1 1.06(b) 1.00(b) (0.60)(b) --
For the Year Ended October
31, 2002
Class H...................... (17.41) 16,675 2.05 2.05 (1.65) 93
Class L...................... (16.92) 86,414 1.50 1.45 (1.06) --
Class M...................... (17.42) 13,714 2.05 2.05 (1.65) --
Class N...................... (17.41) 4,757 2.05 2.05 (1.65) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... (10.42)(d) 23,059 2.05(b) 2.05(b) (1.57)(b) 17
Class L...................... (10.36)(d) 121,440 1.50(b) 1.50(b) (1.02)(b) --
Class M...................... (10.43)(d) 18,115 2.05(b) 2.05(b) (1.57)(b) --
Class N...................... (10.42)(d) 6,495 2.05(b) 2.05(b) (1.57)(b) --
For the Year Ended August 31,
2001
Class H...................... (50.88) 26,051 1.94 1.94 (1.12) 151
Class L...................... (50.60) 138,175 1.39 1.39 (0.57) --
Class M...................... (50.84) 20,522 1.94 1.94 (1.12) --
Class N...................... (50.87) 7,278 1.94 1.94 (1.12) --
For the Year Ended August 31,
2000
Class H...................... 114.64 50,558 1.90 1.90 (1.49) 212
Class L...................... 115.84 314,326 1.35 1.35 (0.94) --
Class M...................... 114.66 38,246 1.90 1.90 (1.49) --
Class N...................... 114.60 14,300 1.90 1.90 (1.49) --
</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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.40%, 2.15%, 2.15%, 1.97%, 1.23%, 1.97%, 1.98% and 1.03% for
Classes A, B, C, H, L, M, N and Y, respectively. For the year ended October
31, 2004, had the commission recapture been included, the ratio would have
been 1.44%, 2.14%, 2.14%, 1.97%, 1.42%, 1.97%, 1.97% and 1.02% for Classes A,
B, C, H, L, M, N and Y, respectively.
See Notes to Financial Statements.
254
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD STOCK FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $16.76 $ 0.12 $ 0.30 $(0.10) $ -- $ -- $17.08
Class B...................... 15.76 0.05 0.27 -- -- -- 16.08
Class C...................... 15.84 0.07 0.26 -- -- -- 16.17
Class Y...................... 17.49 0.17 0.32 (0.21) -- -- 17.77
For the Year Ended October
31, 2004
Class A...................... 16.21 0.03 0.52 -- -- -- 16.76
Class B...................... 15.35 (0.10) 0.51 -- -- -- 15.76
Class C...................... 15.41 (0.08) 0.51 -- -- -- 15.84
Class Y...................... 16.81 0.10 0.58 -- -- -- 17.49
For the Year Ended October
31, 2003
Class A...................... 13.73 0.04 2.44 -- -- -- 16.21
Class B...................... 13.10 (0.07) 2.32 -- -- -- 15.35
Class C...................... 13.13 (0.05) 2.33 -- -- -- 15.41
Class Y...................... 14.15 0.12 2.54 -- -- -- 16.81
For the Year Ended October
31, 2002(f)
Class A...................... 16.89 @@ (3.16) -- -- -- 13.73
Class B...................... 16.24 (0.12) (3.02) -- -- -- 13.10
Class C...................... 16.23 (0.08) (3.02) -- -- -- 13.13
Class Y...................... 17.31 0.10 (3.26) -- -- -- 14.15
For the Year Ended October
31, 2001
Class A...................... 23.40 0.02 (5.45) -- (1.08) -- 16.89
Class B...................... 22.69 (0.09) (5.28) -- (1.08) -- 16.24
Class C...................... 22.68 (0.08) (5.29) -- (1.08) -- 16.23
Class Y...................... 23.85 0.09 (5.55) -- (1.08) -- 17.31
For the Ten Months Ended
October 31, 2000
Class A...................... 23.64 (0.03) -- -- (0.21) -- 23.40
Class B...................... 23.06 (0.12) (0.04) -- (0.21) -- 22.69
Class C...................... 23.05 (0.11) (0.05) -- (0.21) -- 22.68
Class Y...................... 23.99 0.05 0.02 -- (0.21) -- 23.85
THE HARTFORD TAX-FREE
CALIFORNIA FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.32 0.18 0.09 (0.18) -- -- 10.41
Class B...................... 10.31 0.14 0.09 (0.14) -- -- 10.40
Class C...................... 10.33 0.14 0.09 (0.14) -- -- 10.42
For the Year Ended October
31, 2004
Class A...................... 9.93 0.38 0.41 (0.40) -- -- 10.32
Class B...................... 9.92 0.34 0.38 (0.33) -- -- 10.31
Class C...................... 9.93 0.32 0.41 (0.33) -- -- 10.33
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.37 (0.07) (0.37) -- -- 9.93
Class B...................... 10.00 0.30 (0.08) (0.30) -- -- 9.92
Class C...................... 10.00 0.30 (0.07) (0.30) -- -- 9.93
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD STOCK FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.50%(d) $ 840,573 1.39%(b) 1.33%(b)(h) 1.43%(b) 12%
Class B...................... 2.03(d) 304,123 2.21(b) 2.21(b)(h) 0.55(b) --
Class C...................... 2.08(d) 206,574 2.06(b) 2.06(b)(h) 0.74(b) --
Class Y...................... 2.76(d) 93,266 0.81(b) 0.81(b)(h) 1.83(b) --
For the Year Ended October
31, 2004
Class A...................... 3.39 952,606 1.42 1.42(h) 0.18 29
Class B...................... 2.67 343,148 2.18 2.18(h) (0.59) --
Class C...................... 2.79 256,271 2.03 2.03(h) (0.44) --
Class Y...................... 4.04 80,932 0.80 0.80(h) 0.80 --
For the Year Ended October
31, 2003
Class A...................... 18.06 976,663 1.47 1.45 0.26 37
Class B...................... 17.18 376,437 2.20 2.18 (0.47) --
Class C...................... 17.36 311,874 2.07 2.07 (0.36) --
Class Y...................... 18.80 42,894 0.88 0.88 0.84 --
For the Year Ended October
31, 2002(f)
Class A...................... (18.71) 880,371 1.47 1.42 (0.01) 48
Class B...................... (19.34) 351,382 2.15 2.15 (0.74) --
Class C...................... (19.10) 313,173 2.03 2.03 (0.62) --
Class Y...................... (18.26) 34,116 0.85 0.85 0.58 --
For the Year Ended October
31, 2001
Class A...................... (24.28) 1,031,549 1.33 1.28 0.05 38
Class B...................... (24.80) 470,035 2.00 2.00 (0.67) --
Class C...................... (24.81) 430,238 1.99 1.99 (0.66) --
Class Y...................... (23.93) 27,004 0.79 0.79 0.54 --
For the Ten Months Ended
October 31, 2000
Class A...................... (0.14)(d) 1,067,970 1.32(b) 1.27(b) (0.19)(b) 38
Class B...................... (0.71)(d) 578,402 1.99(b) 1.99(b) (0.90)(b) --
Class C...................... (0.71)(d) 492,996 1.98(b) 1.98(b) (0.90)(b) --
Class Y...................... 0.28(d) 32,123 0.80(b) 0.80(b) 0.28(b) --
THE HARTFORD TAX-FREE
CALIFORNIA FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.63(d) 15,549 1.04(b) 0.90(b) 3.53(b) 21
Class B...................... 2.25(d) 1,078 1.82(b) 1.65(b) 2.78(b) --
Class C...................... 2.24(d) 1,620 1.82(b) 1.65(b) 2.78(b) --
For the Year Ended October
31, 2004
Class A...................... 8.15 14,846 1.03 0.95 3.85 41
Class B...................... 7.40 1,017 1.84 1.65 3.12 --
Class C...................... 7.49 1,448 1.85 1.65 3.06 --
From inception October 31,
2002, through October 31,
2003
Class A...................... 3.06 10,799 1.57(b) 0.95(b) 3.73(b) 64
Class B...................... 2.23 1,827 2.32(b) 1.65(b) 3.07(b) --
Class C...................... 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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.32%, 2.20%, 2.06% and 0.80% for Classes A, B & C,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.42%, 2.18%, 2.03 and
0.80% for Classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
255
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE TAX-FREE MINNESOTA FUND
For the Six-Month Period
Ended April 30, 2005(f)
Class A...................... $10.44 $0.19 $(0.03) $(0.19) $ -- $ -- $10.41
Class B...................... 10.45 0.15 (0.03) (0.15) -- -- 10.42
Class C...................... 10.46 0.15 (0.02) (0.15) -- -- 10.44
Class E...................... 10.50 0.19 (0.03) (0.19) -- -- 10.47
Class H...................... 10.49 0.15 (0.02) (0.15) -- -- 10.47
Class L...................... 10.47 0.18 (0.02) (0.19) -- -- 10.44
Class M...................... 10.48 0.14 (0.01) (0.15) -- -- 10.46
Class N...................... 10.49 0.15 (0.03) (0.15) -- -- 10.46
Class Y...................... 10.44 0.18 (0.02) (0.19) -- -- 10.41
For the Year Ended October
31, 2004
Class A...................... 10.46 0.41 0.24 (0.40) (0.27) -- 10.44
Class B...................... 10.46 0.33 0.25 (0.32) (0.27) -- 10.45
Class C...................... 10.48 0.33 0.24 (0.32) (0.27) -- 10.46
Class E...................... 10.52 0.43 0.25 (0.43) (0.27) -- 10.50
Class H...................... 10.51 0.37 0.20 (0.32) (0.27) -- 10.49
Class L...................... 10.49 0.41 0.24 (0.40) (0.27) -- 10.47
Class M...................... 10.50 0.36 0.21 (0.32) (0.27) -- 10.48
Class N...................... 10.50 0.33 0.25 (0.32) (0.27) -- 10.49
Class Y...................... 10.47 0.43 0.24 (0.43) (0.27) -- 10.44
For the Year Ended October
31, 2003(f)
Class A...................... 10.46 0.38 0.05 (0.38) (0.05) -- 10.46
Class B...................... 10.47 0.31 0.04 (0.31) (0.05) -- 10.46
Class C...................... 10.48 0.31 0.05 (0.31) (0.05) -- 10.48
Class E...................... 10.53 0.41 0.05 (0.42) (0.05) -- 10.52
Class H...................... 10.52 0.30 0.06 (0.32) (0.05) -- 10.51
Class L...................... 10.49 0.39 0.05 (0.39) (0.05) -- 10.49
Class M...................... 10.49 0.31 0.07 (0.32) (0.05) -- 10.50
Class N...................... 10.51 0.31 0.05 (0.32) (0.05) -- 10.50
Class Y...................... 10.49 0.40 0.06 (0.43) (0.05) -- 10.47
For the Period February 19,
2002 through October 31,
2002
Class A...................... 10.29 0.26 0.16 (0.25) -- -- 10.46
Class B...................... 10.27 0.20 0.20 (0.20) -- -- 10.47
Class C...................... 10.27 0.20 0.21 (0.20) -- -- 10.48
Class Y...................... 10.29 0.29 0.20 (0.29) -- -- 10.49
For the Year Ended October
31, 2002
Class E...................... 10.45 0.40 0.07 (0.39) -- -- 10.53
Class H...................... 10.44 0.29 0.07 (0.28) -- -- 10.52
Class L...................... 10.42 0.37 0.06 (0.36) -- -- 10.49
Class M...................... 10.42 0.29 0.06 (0.28) -- -- 10.49
Class N...................... 10.44 0.29 0.06 (0.28) -- -- 10.51
For the One-Month Period
Ended October 31, 2001
Class E...................... 10.35 0.04 0.10 (0.04) -- -- 10.45
Class H...................... 10.34 0.03 0.10 (0.03) -- -- 10.44
Class L...................... 10.31 0.04 0.11 (0.04) -- -- 10.42
Class M...................... 10.31 0.03 0.11 (0.03) -- -- 10.42
Class N...................... 10.34 0.03 0.10 (0.03) -- -- 10.44
For the Year Ended September
30, 2001
Class E...................... 9.91 0.48 0.45 (0.49) -- -- 10.35
Class H...................... 9.91 0.38 0.44 (0.39) -- -- 10.34
Class L...................... 9.88 0.45 0.45 (0.47) -- -- 10.31
Class M...................... 9.88 0.38 0.44 (0.39) -- -- 10.31
Class N...................... 9.90 0.38 0.45 (0.39) -- -- 10.34
For the Year Ended September
30, 2000
Class E...................... 9.94 0.51 (0.04) (0.50) -- -- 9.91
Class H...................... 9.93 0.42 (0.04) (0.40) -- -- 9.91
Class L...................... 9.91 0.48 (0.04) (0.47) -- -- 9.88
Class M...................... 9.90 0.42 (0.04) (0.40) -- -- 9.88
Class N...................... 9.93 0.41 (0.04) (0.40) -- -- 9.90
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE TAX-FREE MINNESOTA FUND
For the Six-Month Period
Ended April 30, 2005(f)
Class A...................... 1.54%(d) $ 5,174 1.23%(b) 0.85%(b) 3.60%(b) 7%
Class B...................... 1.17(d) 736 1.99(b) 1.60(b) 2.85(b) --
Class C...................... 1.26(d) 325 2.02(b) 1.60(b) 2.85(b) --
Class E...................... 1.55(d) 27,027 0.85(b) 0.85(b) 3.60(b) --
Class H...................... 1.26(d) 117 1.85(b) 1.60(b) 2.85(b) --
Class L...................... 1.52(d) 2,883 1.10(b) 0.90(b) 3.55(b) --
Class M...................... 1.26(d) 128 1.84(b) 1.60(b) 2.84(b) --
Class N...................... 1.17(d) 210 1.85(b) 1.60(b) 2.85(b) --
Class Y...................... 1.54(d) 1 0.87(b) 0.87(b) 3.56(b) --
For the Year Ended October
31, 2004
Class A...................... 6.37 4,286 1.27 0.98 3.87 22
Class B...................... 5.71 645 1.99 1.68 3.16 --
Class C...................... 5.60 321 1.98 1.69 3.15 --
Class E...................... 6.62 27,346 0.82 82 4.03 --
Class H...................... 5.61 116 1.82 1.68 3.16 --
Class L...................... 6.41 2,765 1.07 0.96 3.88 --
Class M...................... 5.61 206 1.82 1.70 3.14 --
Class N...................... 5.71 214 1.82 1.68 3.17 --
Class Y...................... 6.58 1 0.85 0.85 4.07 --
For the Year Ended October
31, 2003(f)
Class A...................... 4.23 3,242 1.50 1.15 3.58 17
Class B...................... 3.42 532 2.21 1.85 2.88 --
Class C...................... 3.51 414 2.09 1.85 2.88 --
Class E...................... 4.50 29,784 0.83 0.80 3.92 --
Class H...................... 3.46 155 1.81 1.78 2.89 --
Class L...................... 4.34 2,922 1.07 1.05 3.67 --
Class M...................... 3.67 454 1.82 1.80 2.92 --
Class N...................... 3.47 212 1.83 1.80 2.92 --
Class Y...................... 4.50 1 0.91 0.80 3.82 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 4.16(d) 2,073 1.37(b) 1.15(b) 3.57(b) 36
Class B...................... 3.93(d) 238 2.09(b) 1.85(b) 2.73(b) --
Class C...................... 4.03(d) 304 1.92(b) 1.85(b) 2.79(b) --
Class Y...................... 4.92(d) 1 0.65(b) 0.65(b) 3.83(b) --
For the Year Ended October
31, 2002
Class E...................... 4.58 31,414 0.79 0.79 3.81 36
Class H...................... 3.56 577 1.81 1.81 2.81 --
Class L...................... 4.22 3,344 1.04 1.04 3.56 --
Class M...................... 3.46 562 1.79 1.79 2.81 --
Class N...................... 3.46 203 1.79 1.79 2.81 --
For the One-Month Period
Ended October 31, 2001
Class E...................... 1.33(d) 32,533 0.84(b) 0.84(b) 4.28(b) --
Class H...................... 1.25(d) 1,094 1.84(b) 1.84(b) 3.28(b) --
Class L...................... 1.41(d) 3,543 1.09(b) 1.09(b) 4.03(b) --
Class M...................... 1.35(d) 772 1.84(b) 1.84(b) 3.28(b) --
Class N...................... 1.25(d) 203 1.84(b) 1.84(b) 3.28(b) --
For the Year Ended September
30, 2001
Class E...................... 9.58 32,259 0.85 0.85 4.70 18
Class H...................... 8.43 1,086 1.85 1.85 3.70 --
Class L...................... 9.24 3,570 1.10 1.10 4.45 --
Class M...................... 8.45 789 1.85 1.85 3.70 --
Class N...................... 8.55 200 1.85 1.85 3.70 --
For the Year Ended September
30, 2000
Class E...................... 4.87 33,088 0.86 0.86 5.12 56
Class H...................... 3.95 1,076 1.86 1.86 4.12 --
Class L...................... 4.63 3,454 1.11 1.11 4.87 --
Class M...................... 3.96 829 1.86 1.86 4.12 --
Class N...................... 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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
See Notes to Financial Statements.
256
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD TAX-FREE NATIONAL
FUND(F)
For the Six-Month Period
Ended April 30, 2005
Class A...................... $11.22 $0.22 $ 0.02 $(0.22) $ -- $ -- $11.24
Class B...................... 11.15 0.18 0.02 (0.18) -- -- 11.17
Class C...................... 11.18 0.18 0.01 (0.18) -- -- 11.19
Class E...................... 11.21 0.22 0.03 (0.23) -- -- 11.23
Class H...................... 11.18 0.18 0.02 (0.18) -- -- 11.20
Class L...................... 11.19 0.22 0.02 (0.22) -- -- 11.21
Class M...................... 11.18 0.18 0.02 (0.18) -- -- 11.20
Class N...................... 11.16 0.18 0.02 (0.18) -- -- 11.18
Class Y...................... 11.20 0.23 0.01 (0.23) -- -- 11.21
For the Year Ended October
31, 2004
Class A...................... 11.07 0.45 0.32 (0.45) (0.17) -- 11.22
Class B...................... 11.00 0.37 0.32 (0.37) (0.17) -- 11.15
Class C...................... 11.02 0.37 0.33 (0.37) (0.17) -- 11.18
Class E...................... 11.05 0.47 0.33 (0.47) (0.17) -- 11.21
Class H...................... 11.03 0.46 0.23 (0.37) (0.17) -- 11.18
Class L...................... 11.04 0.44 0.33 (0.45) (0.17) -- 11.19
Class M...................... 11.03 0.36 0.33 (0.37) (0.17) -- 11.18
Class N...................... 11.01 0.37 0.32 (0.37) (0.17) -- 11.16
Class Y...................... 11.06 0.47 0.32 (0.48) (0.17) -- 11.20
For the Year Ended October
31, 2003
Class A...................... 11.28 0.41 0.04 (0.41) (0.25) -- 11.07
Class B...................... 11.21 0.33 0.04 (0.33) (0.25) -- 11.00
Class C...................... 11.23 0.33 0.04 (0.33) (0.25) -- 11.02
Class E...................... 11.27 0.45 0.03 (0.45) (0.25) -- 11.05
Class H...................... 11.24 0.36 0.02 (0.34) (0.25) -- 11.03
Class L...................... 11.25 0.42 0.04 (0.42) (0.25) -- 11.04
Class M...................... 11.24 0.34 0.04 (0.34) (0.25) -- 11.03
Class N...................... 11.22 0.33 0.05 (0.34) (0.25) -- 11.01
Class Y...................... 11.28 0.45 0.04 (0.46) (0.25) -- 11.06
For the Period February 19,
2002 through October 31,
2002
Class A...................... 10.99 0.26 0.30 (0.27) -- -- 11.28
Class B...................... 10.97 0.20 0.25 (0.21) -- -- 11.21
Class C...................... 10.97 0.20 0.27 (0.21) -- -- 11.23
Class Y...................... 10.99 0.33 0.27 (0.31) -- -- 11.28
For the Year Ended October
31, 2002
Class E...................... 11.18 0.41 0.12 (0.40) (0.04) -- 11.27
Class H...................... 11.15 0.32 0.11 (0.30) (0.04) -- 11.24
Class L...................... 11.16 0.39 0.12 (0.38) (0.04) -- 11.25
Class M...................... 11.15 0.31 0.12 (0.30) (0.04) -- 11.24
Class N...................... 11.13 0.31 0.12 (0.30) (0.04) -- 11.22
For the One-Month Period
Ended October 31, 2001
Class E...................... 11.07 0.04 0.11 (0.04) -- -- 11.18
Class H...................... 11.03 0.03 0.12 (0.03) -- -- 11.15
Class L...................... 11.05 0.04 0.11 (0.04) -- -- 11.16
Class M...................... 11.04 0.03 0.11 (0.03) -- -- 11.15
Class N...................... 11.02 0.03 0.11 (0.03) -- -- 11.13
For the Year Ended September
30, 2001
Class E...................... 10.52 0.49 0.56 (0.50) -- -- 11.07
Class H...................... 10.49 0.37 0.56 (0.39) -- -- 11.03
Class L...................... 10.50 0.46 0.56 (0.47) -- -- 11.05
Class M...................... 10.49 0.38 0.56 (0.39) -- -- 11.04
Class N...................... 10.48 0.38 0.56 (0.40) -- -- 11.02
For the Year Ended September
30, 2000
Class E...................... 10.49 0.52 0.02 (0.51) -- -- 10.52
Class H...................... 10.46 0.42 0.02 (0.41) -- -- 10.49
Class L...................... 10.47 0.50 0.02 (0.49) -- -- 10.50
Class M...................... 10.46 0.42 0.02 (0.41) -- -- 10.49
Class N...................... 10.45 0.42 0.02 (0.41) -- -- 10.48
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD TAX-FREE NATIONAL
FUND(F)
For the Six-Month Period
Ended April 30, 2005
Class A...................... 2.16%(d) $38,604 1.27%(b) 1.00%(b) 3.95%(b) 15%
Class B...................... 1.80(d) 6,713 2.06(b) 1.75(b) 3.20(b) --
Class C...................... 1.71(d) 7,983 2.00(b) 1.75(b) 3.20(b) --
Class E...................... 2.22(d) 32,098 0.93(b) 0.93(b) 4.02(b) --
Class H...................... 1.80(d) 460 1.93(b) 1.75(b) 3.19(b) --
Class L...................... 2.15(d) 8,036 1.18(b) 1.05(b) 3.90(b) --
Class M...................... 1.80(d) 1,343 1.93(b) 1.75(b) 3.20(b) --
Class N...................... 1.80(d) 551 1.93(b) 1.75(b) 3.20(b) --
Class Y...................... 2.14(d) 1 0.96(b) 0.96(b) 4.06(b) --
For the Year Ended October
31, 2004
Class A...................... 7.10 35,210 1.30 1.08 4.04 18
Class B...................... 6.39 6,236 2.01 1.78 3.32 --
Class C...................... 6.47 8,357 1.98 1.78 3.33 --
Class E...................... 7.45 32,101 0.89 0.89 4.21 --
Class H...................... 6.37 650 1.89 1.79 3.31 --
Class L...................... 7.12 7,687 1.15 1.08 4.02 --
Class M...................... 6.37 1,397 1.90 1.78 3.33 --
Class N...................... 6.38 547 1.90 1.78 3.32 --
Class Y...................... 7.36 1 0.91 0.91 4.23 --
For the Year Ended October
31, 2003
Class A...................... 4.18 21,457 1.61 1.15 3.75 35
Class B...................... 3.43 6,598 2.33 1.85 3.05 --
Class C...................... 3.42 7,588 2.21 1.85 3.06 --
Class E...................... 4.39 33,998 0.92 0.85 4.00 --
Class H...................... 3.47 1,747 1.92 1.84 2.99 --
Class L...................... 4.24 7,454 1.18 1.10 3.76 --
Class M...................... 3.47 1,235 1.92 1.84 3.01 --
Class N...................... 3.48 607 1.93 1.85 3.01 --
Class Y...................... 4.53 1 1.17 0.85 4.06 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 5.17(d) 12,192 1.63(b) 1.15(b) 3.31(b) 47
Class B...................... 4.18(d) 3,764 2.33(b) 1.85(b) 2.54(b) --
Class C...................... 4.37(d) 3,121 2.18(b) 1.85(b) 2.57(b) --
Class Y...................... 5.52(d) 1 0.63(b) 0.63(b) 4.15(b) --
For the Year Ended October
31, 2002
Class E...................... 4.93 39,423 0.94 0.94 3.70 47
Class H...................... 3.99 2,895 1.95 1.85 2.83 --
Class L...................... 4.72 7,360 1.19 1.15 3.50 --
Class M...................... 3.99 1,552 1.95 1.85 2.80 --
Class N...................... 3.99 600 1.95 1.85 2.80 --
For the One-Month Period
Ended October 31, 2001
Class E...................... 1.35(d) 42,441 0.95(b) 0.95(b) 4.21(b) --
Class H...................... 1.36(d) 4,679 1.95(b) 1.95(b) 3.21(b) --
Class L...................... 1.33(d) 8,029 1.20(b) 1.20(b) 3.96(b) --
Class M...................... 1.27(d) 1,723 1.95(b) 1.95(b) 3.21(b) --
Class N...................... 1.27(d) 538 1.95(b) 1.95(b) 3.21(b) --
For the Year Ended September
30, 2001
Class E...................... 10.18 42,331 0.97 0.97 4.49 28
Class H...................... 9.03 4,853 1.97 1.97 3.49 --
Class L...................... 9.91 7,892 1.22 1.22 4.24 --
Class M...................... 9.14 1,701 1.97 1.97 3.49 --
Class N...................... 9.06 469 1.97 1.97 3.49 --
For the Year Ended September
30, 2000
Class E...................... 5.33 42,212 0.96 0.96 4.96 64
Class H...................... 4.29 5,021 1.96 1.96 3.96 --
Class L...................... 5.09 6,509 1.21 1.21 4.71 --
Class M...................... 4.29 1,540 1.96 1.96 3.96 --
Class N...................... 4.30 289 1.96 1.96 3.96 --
</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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
257
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD TAX-FREE NEW YORK
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $10.42 $0.17 $ 0.03 $(0.18) $(0.02) $ -- $10.42
Class B...................... 10.42 0.14 0.02 (0.14) (0.02) -- 10.42
Class C...................... 10.42 0.14 0.02 (0.14) (0.02) -- 10.42
For the Year Ended October
31, 2004
Class A...................... 10.15 0.37 0.37 (0.39) (0.08) -- 10.42
Class B...................... 10.15 0.30 0.37 (0.32) (0.08) -- 10.42
Class C...................... 10.15 0.30 0.37 (0.32) (0.08) -- 10.42
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.34 0.16 (0.35) -- -- 10.15
Class B...................... 10.00 0.27 0.16 (0.28) -- -- 10.15
Class C...................... 10.00 0.27 0.16 (0.28) -- -- 10.15
THE HARTFORD TOTAL RETURN BOND
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 10.95 0.18 (0.06) (0.19) (0.04) -- 10.84
Class B...................... 10.90 0.14 (0.06) (0.15) (0.04) -- 10.79
Class C...................... 10.97 0.15 (0.07) (0.15) (0.04) -- 10.86
Class Y...................... 11.06 0.20 (0.06) (0.21) (0.04) -- 10.95
For the Year Ended October
31, 2004
Class A...................... 11.14 0.32 0.21 (0.35) (0.37) -- 10.95
Class B...................... 11.09 0.24 0.22 (0.28) (0.37) -- 10.90
Class C...................... 11.12 0.27 0.23 (0.28) (0.37) -- 10.97
Class Y...................... 11.24 0.39 0.21 (0.41) (0.37) -- 11.06
For the Year Ended October
31, 2003
Class A...................... 10.78 0.49 0.48 (0.50) (0.11) -- 11.14
Class B...................... 10.73 0.42 0.47 (0.42) (0.11) -- 11.09
Class C...................... 10.77 0.42 0.46 (0.42) (0.11) -- 11.12
Class Y...................... 10.87 0.53 0.50 (0.55) (0.11) -- 11.24
For the Year Ended October
31, 2002(f)
Class A...................... 10.90 0.47 @@ (0.52) (0.07) -- 10.78
Class B...................... 10.85 0.40 @@ (0.45) (0.07) -- 10.73
Class C...................... 10.89 0.40 @@ (0.45) (0.07) -- 10.77
Class Y...................... 10.99 0.45 0.08 (0.58) (0.07) -- 10.87
For the Year Ended October
31, 2001
Class A...................... 10.14 0.55 0.73 (0.52) -- -- 10.90
Class B...................... 10.10 0.48 0.72 (0.45) -- -- 10.85
Class C...................... 10.14 0.49 0.71 (0.45) -- -- 10.89
Class Y...................... 10.22 0.61 0.73 (0.57) -- -- 10.99
For the Ten Months Ended
October 31, 2000
Class A...................... 9.93 0.50 0.19 (0.48) -- -- 10.14
Class B...................... 9.90 0.43 0.20 (0.43) -- -- 10.10
Class C...................... 9.93 0.44 0.20 (0.43) -- -- 10.14
Class Y...................... 9.99 0.54 0.20 (0.51) -- -- 10.22
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD TAX-FREE NEW YORK
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.87%(d) $ 11,055 1.06%(b) 0.85%(b) 3.39%(b) 17%
Class B...................... 1.49(d) 1,676 1.83(b) 1.60(b) 2.65(b) --
Class C...................... 1.49(d) 2,125 1.82(b) 1.60(b) 2.65(b) --
For the Year Ended October
31, 2004
Class A...................... 7.52 10,541 1.04 0.91 3.66 24
Class B...................... 6.76 1,568 1.74 1.61 2.96 --
Class C...................... 6.76 1,973 1.75 1.62 2.95 --
From inception October 31,
2002, through October 31,
2003
Class A...................... 5.03 8,602 1.63(b) 0.95(b) 3.34(b) 54
Class B...................... 4.30 1,051 2.38(b) 1.65(b) 2.64(b) --
Class C...................... 4.30 1,393 2.26(b) 1.65(b) 2.67(b) --
THE HARTFORD TOTAL RETURN BOND
FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 1.09(d) 297,916 1.24(b) 1.20(b) 3.30(b) 79
Class B...................... 0.73(d) 85,760 2.01(b) 1.95(b) 2.55(b) --
Class C...................... 0.77(d) 79,729 1.87(b) 1.87(b) 2.62(b) --
Class Y...................... 1.32(d) 149,539 0.74(b) 0.74(b) 3.77(b) --
For the Year Ended October
31, 2004
Class A...................... 5.10(h) 298,903 1.27 1.25 2.98 171
Class B...................... 4.37(h) 91,861 1.97 1.95 2.28 --
Class C...................... 4.76(h) 89,504 1.86 1.86 2.37 --
Class Y...................... 5.64 101,360 0.74 0.74 3.48 --
For the Year Ended October
31, 2003
Class A...................... 9.16 268,655 1.40 1.25 3.39 199
Class B...................... 8.44 106,077 2.13 1.95 2.70 --
Class C...................... 8.31 110,214 2.01 1.95 2.71 --
Class Y...................... 9.68 60,125 0.81 0.80 3.82 --
For the Year Ended October
31, 2002(f)
Class A...................... 4.50 215,083 1.42 1.25 4.65 149
Class B...................... 3.77 98,028 2.10 1.95 3.92 --
Class C...................... 3.80 107,479 1.98 1.95 3.92 --
Class Y...................... 5.01 39,778 0.78 0.78 5.16 --
For the Year Ended October
31, 2001
Class A...................... 12.96 122,423 1.30 1.25 5.00 196
Class B...................... 12.12 55,999 1.96 1.95 4.30 --
Class C...................... 12.12 62,222 1.97 1.95 4.30 --
Class Y...................... 13.46 43,635 0.75 0.75 5.50 --
For the Ten Months Ended
October 31, 2000
Class A...................... 7.17(d) 37,290 1.29(b) 1.24(b) 5.88(b) 140
Class B...................... 6.48(d) 22,197 1.95(b) 1.95(b) 5.17(b) --
Class C...................... 6.55(d) 16,886 1.94(b) 1.94(b) 5.18(b) --
Class Y...................... 7.60(d) 30,334 0.77(b) 0.77(b) 6.34(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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)Without the inclusion of the Payment from Affiliate as noted on the Statement
of Operations, the total return would have been 5.08%, 4.35% and 4.57% for
Classes A, B and C, respectively. The net asset impact of the Payment from
Affiliate was less than $0.01 for Classes A and B and $0.01 for Class C.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
258
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD U.S. GOVERNMENT
SECURITIES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $9.65 $0.22 $(0.12) $(0.20) $ -- $ -- $9.55
Class B...................... 9.62 0.19 (0.14) (0.16) -- -- 9.51
Class C...................... 9.61 0.20 (0.14) (0.16) -- -- 9.51
Class E...................... 9.64 0.21 (0.11) (0.21) -- -- 9.53
Class H...................... 9.61 0.15 (0.09) (0.17) -- -- 9.50
Class L...................... 9.65 0.20 (0.11) (0.20) -- -- 9.54
Class M...................... 9.61 0.16 (0.09) (0.17) -- -- 9.51
Class N...................... 9.60 0.16 (0.09) (0.17) -- -- 9.50
Class Y...................... 9.66 0.21 (0.11) (0.21) -- -- 9.55
For the Year Ended October
31, 2004
Class A...................... 9.67 0.40 (0.01) (0.41) -- -- 9.65
Class B...................... 9.64 0.32 @@ (0.34) -- -- 9.62
Class C...................... 9.63 0.32 @@ (0.34) -- -- 9.61
Class E...................... 9.66 0.44 (0.02) (0.44) -- -- 9.64
Class H...................... 9.63 0.35 (0.02) (0.35) -- -- 9.61
Class L...................... 9.67 0.41 (0.01) (0.42) -- -- 9.65
Class M...................... 9.63 0.34 (0.01) (0.35) -- -- 9.61
Class N...................... 9.63 0.34 (0.02) (0.35) -- -- 9.60
Class Y...................... 9.68 0.44 (0.02) (0.44) -- -- 9.66
For the Year Ended October
31, 2003
Class A...................... 9.88 0.41 (0.21) (0.41) -- -- 9.67
Class B...................... 9.84 0.33 (0.19) (0.34) -- -- 9.64
Class C...................... 9.84 0.33 (0.20) (0.34) -- -- 9.63
Class E...................... 9.87 0.45 (0.20) (0.46) -- -- 9.66
Class H...................... 9.83 0.35 (0.19) (0.36) -- -- 9.63
Class L...................... 9.87 0.42 (0.19) (0.43) -- -- 9.67
Class M...................... 9.84 0.35 (0.20) (0.36) -- -- 9.63
Class N...................... 9.84 0.35 (0.20) (0.36) -- -- 9.63
Class Y...................... 9.89 0.45 (0.20) (0.46) -- -- 9.68
For the Period February 19,
2002 through October 31,
2002
Class A...................... 9.50 0.26 0.38 (0.26) -- -- 9.88
Class B...................... 9.46 0.21 0.38 (0.21) -- -- 9.84
Class C...................... 9.46 0.21 0.38 (0.21) -- -- 9.84
Class Y...................... 9.50 0.32 0.36 (0.29) -- -- 9.89
For the Year Ended October
31, 2002
Class E...................... 9.67 0.42 0.19 (0.41) -- -- 9.87
Class H...................... 9.64 0.32 0.19 (0.32) -- -- 9.83
Class L...................... 9.67 0.39 0.20 (0.39) -- -- 9.87
Class M...................... 9.64 0.32 0.20 (0.32) -- -- 9.84
Class N...................... 9.64 0.32 0.20 (0.32) -- -- 9.84
For the Three-Month Period
Ended October 31, 2001
Class E...................... 9.37 0.13 0.30 (0.13) -- -- 9.67
Class H...................... 9.34 0.10 0.30 (0.10) -- -- 9.64
Class L...................... 9.37 0.12 0.30 (0.12) -- -- 9.67
Class M...................... 9.34 0.10 0.30 (0.10) -- -- 9.64
Class N...................... 9.34 0.10 0.30 (0.10) -- -- 9.64
For the Year Ended July 31,
2001
Class E...................... 8.86 0.54 0.52 (0.55) -- -- 9.37
Class H...................... 8.83 0.45 0.52 (0.46) -- -- 9.34
Class L...................... 8.86 0.52 0.52 (0.53) -- -- 9.37
Class M...................... 8.83 0.45 0.52 (0.46) -- -- 9.34
Class N...................... 8.83 0.45 0.52 (0.46) -- -- 9.34
For the Year Ended July 31,
2000
Class E...................... 8.96 0.52 (0.10) (0.52) -- -- 8.86
Class H...................... 8.94 0.43 (0.10) (0.44) -- -- 8.83
Class L...................... 8.96 0.50 (0.10) (0.50) -- -- 8.86
Class M...................... 8.94 0.43 (0.10) (0.44) -- -- 8.83
Class N...................... 8.93 0.44 (0.10) (0.44) -- -- 8.83
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
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, 2005
Class A...................... 1.03%(d) $ 51,144 1.38%(b) 1.15%(b) 4.24%(b) 66%
Class B...................... 0.55(d) 23,650 2.16(b) 1.90(b) 3.48(b) --
Class C...................... 0.66(d) 12,478 2.04(b) 1.90(b) 3.48(b) --
Class E...................... 1.10(d) 112,112 0.83(b) 0.83(b) 4.56(b) --
Class H...................... 0.60(d) 3,270 1.82(b) 1.82(b) 3.56(b) --
Class L...................... 0.97(d) 36,871 1.08(b) 1.08(b) 4.31(b) --
Class M...................... 0.70(d) 3,046 1.82(b) 1.82(b) 3.55(b) --
Class N...................... 0.70(d) 965 1.82(b) 1.82(b) 3.56(b) --
Class Y...................... 1.10(d) 7,125 0.89(b) 0.88(b) 4.67(b) --
For the Year Ended October
31, 2004
Class A...................... 4.08 53,401 1.38 1.20 4.09 110
Class B...................... 3.37 26,218 2.11 1.90 3.39 --
Class C...................... 3.37 13,926 2.00 1.90 3.38 --
Class E...................... 4.50 119,923 0.79 0.79 4.50 --
Class H...................... 3.48 3,914 1.79 1.79 3.49 --
Class L...................... 4.24 38,613 1.04 1.04 4.26 --
Class M...................... 3.47 3,697 1.79 1.79 3.50 --
Class N...................... 3.37 1,056 1.79 1.79 3.49 --
Class Y...................... 4.48 1 0.83 0.83 4.51 --
For the Year Ended October
31, 2003
Class A...................... 2.06 65,337 1.48 1.20 4.11 108
Class B...................... 1.45 38,210 2.21 1.90 3.41 --
Class C...................... 1.34 26,626 2.07 1.90 3.43 --
Class E...................... 2.49 135,954 0.81 0.81 4.49 --
Class H...................... 1.57 6,283 1.80 1.80 3.50 --
Class L...................... 2.32 43,202 1.06 1.06 4.24 --
Class M...................... 1.47 4,588 1.80 1.80 3.50 --
Class N...................... 1.47 1,388 1.80 1.80 3.49 --
Class Y...................... 2.51 1 0.87 0.80 4.50 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 6.87(d) 75,245 1.59(b) 1.20(b) 3.58(b) 218
Class B...................... 6.36(d) 39,276 2.28(b) 1.90(b) 2.87(b) --
Class C...................... 6.36(d) 40,708 2.11(b) 1.90(b) 2.86(b) --
Class Y...................... 7.32(d) 1 0.74(b) 0.74(b) 4.36(b) --
For the Year Ended October
31, 2002
Class E...................... 6.55 156,085 0.81 0.81 4.45 218
Class H...................... 5.41 9,319 1.81 1.81 3.45 --
Class L...................... 6.29 49,048 1.06 1.06 4.20 --
Class M...................... 5.51 6,660 1.81 1.81 3.44 --
Class N...................... 5.52 1,717 1.81 1.81 3.47 --
For the Three-Month Period
Ended October 31, 2001
Class E...................... 4.57(d) 187,712 0.79(b) 0.79(b) 5.25(b) 32
Class H...................... 4.31(d) 10,770 1.79(b) 1.79(b) 4.25(b) --
Class L...................... 4.50(d) 52,579 1.04(b) 1.04(b) 5.01(b) --
Class M...................... 4.32(d) 6,582 1.79(b) 1.79(b) 4.25(b) --
Class N...................... 4.31(d) 2,275 1.79(b) 1.79(b) 4.25(b) --
For the Year Ended July 31,
2001
Class E...................... 12.30 182,170 0.79 0.79 5.93 136
Class H...................... 11.24 10,078 1.79 1.79 4.92 --
Class L...................... 12.02 47,798 1.04 1.04 5.67 --
Class M...................... 11.24 5,284 1.79 1.79 4.92 --
Class N...................... 11.24 1,603 1.79 1.79 4.92 --
For the Year Ended July 31,
2000
Class E...................... 4.91 184,520 0.79 0.79 5.96 181
Class H...................... 3.79 8,345 1.79 1.79 4.96 --
Class L...................... 4.62 43,620 1.04 1.04 5.71 --
Class M...................... 3.79 4,264 1.79 1.79 4.96 --
Class N...................... 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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
@@ The amount per share rounds to zero.
259
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD VALUE FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $ 9.71 $ 0.04 $ 0.57 $(0.04) $ -- $ -- $10.28
Class B...................... 9.60 @@ 0.55 -- -- -- 10.15
Class C...................... 9.60 0.01 0.55 -- -- -- 10.16
Class Y...................... 9.71 0.06 0.57 (0.09) -- -- 10.25
For the Year Ended October
31, 2004(f)
Class A...................... 8.92 0.07 0.79 (0.07) -- -- 9.71
Class B...................... 8.83 0.01 0.78 (0.02) -- -- 9.60
Class C...................... 8.83 0.01 0.78 (0.02) -- -- 9.60
Class Y...................... 8.95 0.10 0.77 (0.11) -- -- 9.71
For the Year Ended October
31, 2003(f)
Class A...................... 7.59 0.08 1.31 (0.06) -- -- 8.92
Class B...................... 7.51 0.03 1.29 -- -- -- 8.83
Class C...................... 7.51 0.03 1.29 -- -- -- 8.83
Class Y...................... 7.64 0.16 1.25 (0.10) -- -- 8.95
For the Year Ended October
31, 2002(f)
Class A...................... 9.02 0.05 (1.43) -- (0.05) -- 7.59
Class B...................... 8.99 (0.02) (1.41) -- (0.05) -- 7.51
Class C...................... 8.99 (0.02) (1.41) -- (0.05) -- 7.51
Class Y...................... 9.04 0.09 (1.44) -- (0.05) -- 7.64
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 0.01 (0.99) -- -- -- 9.02
Class B...................... 10.00 @@ (1.01) -- -- -- 8.99
Class C...................... 10.00 @@ (1.01) -- -- -- 8.99
Class Y...................... 10.00 0.05 (1.01) -- -- -- 9.04
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA --
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD VALUE FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 6.23%(d) $61,120 1.43%(b) 1.40%(b)(h) 0.83%(b) 10%
Class B...................... 5.73(d) 9,703 2.35(b) 2.15(b)(h) 0.09(b) --
Class C...................... 5.83(d) 10,540 2.19(b) 2.15(b)(h) 0.09(b) --
Class Y...................... 6.46(d) 46,316 0.95(b) 0.95(b)(h) 1.24(b) --
For the Year Ended October
31, 2004(f)
Class A...................... 9.70 56,845 1.46 1.45(h) 0.76 34
Class B...................... 8.91 8,948 2.36 2.15(h) 0.06 --
Class C...................... 8.91 10,838 2.17 2.15(h) 0.06 --
Class Y...................... 9.76 21,373 0.91 0.91(h) 1.32 --
For the Year Ended October
31, 2003(f)
Class A...................... 18.43 42,101 1.57 1.45 1.02 35
Class B...................... 17.58 7,305 2.30 2.15 0.32 --
Class C...................... 17.58 10,231 2.18 2.15 0.32 --
Class Y...................... 18.66 27 1.00 1.00 1.46 --
For the Year Ended October
31, 2002(f)
Class A...................... (15.42) 30,010 1.63 1.45 0.69 35
Class B...................... (16.03) 5,222 2.31 2.15 (0.02) --
Class C...................... (16.03) 9,110 2.21 2.15 (0.04) --
Class Y...................... (15.05) 230 0.98 0.98 1.09 --
From inception April 30,
2001, through October 31,
2001
Class A...................... (9.80)(d) 13,728 1.66(b) 1.45(b) 0.53(b) 12
Class B...................... (10.10)(d) 2,029 2.36(b) 2.15(b) (0.17)(b) --
Class C...................... (10.10)(d) 4,769 2.34(b) 2.15(b) (0.17)(b) --
Class Y...................... (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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.40%, 2.14%, 2.14% and 0.94% for Classes A, B, C and Y,
respectively. For the year ended October 31, 2004, had the commission
recapture been included, the ratio would have been 1.44%, 2.14%, 2.14% and
0.90% for Classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
260
- --------------------------------------------------------------------------------
<Table>
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
----------------------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM NET ASSET
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS VALUE AT
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM END OF
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL PERIOD
--------- ---------- ------------ ---------- ------------- ------------- ---------
THE HARTFORD VALUE
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... $14.06 $ 0.03 $ 0.79 $ -- $ -- $ -- $14.88
Class B...................... 13.24 (0.02) 0.74 -- -- -- 13.96
Class C...................... 13.25 (0.02) 0.74 -- -- -- 13.97
Class H...................... 13.25 (0.02) 0.75 -- -- -- 13.98
Class L...................... 14.06 0.04 0.78 -- -- -- 14.88
Class M...................... 13.24 (0.02) 0.74 -- -- -- 13.96
Class N...................... 13.26 (0.02) 0.74 -- -- -- 13.98
Class Y...................... 14.17 0.03 0.82 -- -- -- 15.02
For the Year Ended October
31, 2004
Class A...................... 12.15 0.01 1.90 -- -- -- 14.06
Class B...................... 11.53 (0.06) 1.77 -- -- -- 13.24
Class C...................... 11.53 (0.06) 1.78 -- -- -- 13.25
Class H...................... 11.54 (0.10) 1.81 -- -- -- 13.25
Class L...................... 12.15 @@ 1.91 -- -- -- 14.06
Class M...................... 11.53 (0.09) 1.80 -- -- -- 13.24
Class N...................... 11.54 (0.09) 1.81 -- -- -- 13.26
Class Y...................... 12.22 0.01 1.94 -- -- -- 14.17
For the Year Ended October
31, 2003
Class A...................... 9.26 (0.01) 2.90 -- -- -- 12.15
Class B...................... 8.84 (0.04) 2.73 -- -- -- 11.53
Class C...................... 8.85 (0.04) 2.72 -- -- -- 11.53
Class H...................... 8.85 (0.08) 2.77 -- -- -- 11.54
Class L...................... 9.26 (0.01) 2.90 -- -- -- 12.15
Class M...................... 8.85 (0.08) 2.76 -- -- -- 11.53
Class N...................... 8.85 (0.08) 2.77 -- -- -- 11.54
Class Y...................... 9.30 0.01 2.91 -- -- -- 12.22
For the Period February 19,
2002 through October 31,
2002
Class A...................... 11.73 @@ (2.47) -- -- -- 9.26
Class B...................... 11.26 (0.02) (2.40) -- -- -- 8.84
Class C...................... 11.26 (0.02) (2.39) -- -- -- 8.85
Class Y...................... 11.73 0.05 (2.48) -- -- -- 9.30
For the Year Ended October
31, 2002
Class H...................... 11.58 (0.11) (1.81) -- (0.81) -- 8.85
Class L...................... 11.99 @@ (1.92) -- (0.81) -- 9.26
Class M...................... 11.57 (0.08) (1.83) -- (0.81) -- 8.85
Class N...................... 11.57 (0.13) (1.78) -- (0.81) -- 8.85
For the Two-Month Period
Ended October 31, 2001
Class H...................... 12.86 (0.02) (1.26) -- -- -- 11.58
Class L...................... 13.30 @@ (1.31) -- -- -- 11.99
Class M...................... 12.85 (0.02) (1.26) -- -- -- 11.57
Class N...................... 12.86 (0.03) (1.26) -- -- -- 11.57
For the Year Ended August 31,
2001
Class H...................... 13.95 (0.07) 0.30 -- (1.32) -- 12.86
Class L...................... 14.30 0.03 0.31 (0.02) (1.32) -- 13.30
Class M...................... 13.94 (0.07) 0.30 -- (1.32) -- 12.85
Class N...................... 13.95 (0.07) 0.30 -- (1.32) -- 12.86
For the Year Ended August 31,
2000
Class H...................... 13.07 (0.08) 1.89 -- (0.93) -- 13.95
Class L...................... 13.28 0.01 1.94 -- (0.93) -- 14.30
Class M...................... 13.06 (0.08) 1.89 -- (0.93) -- 13.94
Class N...................... 13.07 (0.08) 1.89 -- (0.93) -- 13.95
<Caption>
-- SELECTED PER-SHARE DATA(A) -- RATIOS AND SUPPLEMENTAL DATA--
------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD VALUE
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2005
Class A...................... 5.83%(d) $39,441 1.71%(b) 1.40%(b)(h) 0.42%(b) 29%
Class B...................... 5.44(d) 9,632 2.63(b) 2.15(b)(h) (0.35)(b) --
Class C...................... 5.43(d) 8,357 2.39(b) 2.15(b)(h) (0.33)(b) --
Class H...................... 5.51(d) 5,243 2.12(b) 2.12(b)(h) (0.23)(b) --
Class L...................... 5.83(d) 26,537 1.37(b) 1.37(b)(h) 0.50(b) --
Class M...................... 5.44(d) 7,795 2.12(b) 2.12(b)(h) (0.24)(b) --
Class N...................... 5.43(d) 2,186 2.12(b) 2.12(b)(h) (0.25)(b) --
Class Y...................... 6.00(d) 56,233 1.18(b) 1.18(b)(h) 0.54(b) --
For the Year Ended October
31, 2004
Class A...................... 15.72 24,601 1.82 1.45(h) 0.08 52
Class B...................... 14.83 5,709 2.70 2.15(h) (0.64) --
Class C...................... 14.92 5,627 2.47 2.15(h) (0.64) --
Class H...................... 14.82 5,815 2.17 2.15(h) (0.71) --
Class L...................... 15.72 25,687 1.42 1.42(h) 0.04 --
Class M...................... 14.83 8,139 2.17 2.15(h) (0.70) --
Class N...................... 14.90 2,143 2.17 2.15(h) (0.70) --
Class Y...................... 15.96 10,101 1.16 1.16(h) 0.34 --
For the Year Ended October
31, 2003
Class A...................... 31.21 5,917 1.92 1.45 (0.10) 57
Class B...................... 30.43 1,932 2.63 2.15 (0.80) --
Class C...................... 30.28 1,613 2.51 2.15 (0.81) --
Class H...................... 30.40 6,526 2.26 2.15 (0.82) --
Class L...................... 31.21 22,701 1.51 1.45 (0.11) --
Class M...................... 30.28 8,015 2.26 2.15 (0.82) --
Class N...................... 30.40 1,989 2.26 2.15 (0.82) --
Class Y...................... 31.40 1 1.33 1.25 0.08 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... (21.06)(d) 2,600 1.92(b) 1.45(b) 0.04(b) 70
Class B...................... (21.45)(d) 481 2.61(b) 2.15(b) (0.71)(b) --
Class C...................... (21.41)(d) 430 2.48(b) 2.15(b) (0.75)(b) --
Class Y...................... (20.75)(d) 1 1.13(b) 1.00(b) 0.49(b) --
For the Year Ended October
31, 2002
Class H...................... (17.99) 5,634 2.17 2.15 (0.82) 70
Class L...................... (17.34) 19,684 1.43 1.43 (0.11) --
Class M...................... (17.92) 6,669 2.18 2.15 (0.82) --
Class N...................... (17.92) 1,749 2.18 2.15 (0.83) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... (9.95)(d) 7,914 2.18(b) 2.18(b) (0.89)(b) 12
Class L...................... (9.85)(d) 27,982 1.43(b) 1.43(b) (0.14)(b) --
Class M...................... (9.96)(d) 8,700 2.18(b) 2.18(b) (0.89)(b) --
Class N...................... (10.03)(d) 2,636 2.18(b) 2.18(b) (0.89)(b) --
For the Year Ended August 31,
2001
Class H...................... 1.53 8,967 2.16 2.16 (0.70) 177
Class L...................... 2.29 30,480 1.41 1.41 0.05 --
Class M...................... 1.53 9,668 2.16 2.16 (0.70) --
Class N...................... 1.53 2,935 2.16 2.16 (0.70) --
For the Year Ended August 31,
2000
Class H...................... 14.90 8,796 2.17 2.17 (0.61) 228
Class L...................... 15.76 39,975 1.42 1.42 0.14 --
Class M...................... 14.90 7,633 2.17 2.17 (0.61) --
Class N...................... 14.90 2,662 2.17 2.17 (0.61) --
</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 calculated using average shares outstanding
method.
(g)Expense ratios do not include expenses of the underlying funds.
(h)The ratio of expenses to average net assets excludes commission recapture but
includes fee waivers and/or expense reimbursements. For the six month period
ended April 30, 2005, had the commission recapture been included, the ratio
would have been 1.39%, 2.14%, 2.14%, 2.11%, 1.37%, 2.11%, 2.11% and 1.17% for
Classes A, B, C, H, L, M, N and Y, respectively. For the year ended October
31, 2004, had the commission recapture been included, the ratio would have
been 1.44%, 2.15%, 2.15%, 2.14%, 1.41%, 2.14%, 2.14% and 1.15% for Classes A,
B, C, H, L, M, N and Y, respectively.
@@ The amount per share rounds to zero.
261
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
DIRECTORS AND OFFICERS (UNAUDITED)
- --------------------------------------------------------------------------------
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 table below, are "interested" persons of the
funds. Except for Mr. Znamierowski and Ms. Jaffee, 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 80 Funds. Mr.
Znamierowski oversees 62 funds and serves as a director only for The Hartford
Mutual Funds, Inc. and Hartford Series Fund, Inc. Ms. Jaffee oversees 63 funds
and serves as a director only for The Hartford Mutual Funds, Inc., The Hartford
Mutual Funds II, Inc. and The Hartford Income Shares Fund, Inc. 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 Ms.
Settimi 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 58) Director since 2003, chairman of The Litigation
Committee, Co-chair of the Investment Committee
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 Japan Fund; during his employment with Scudder,
he was an interested director of The Japan Fund. From 2003 to March 2005,
Mr. Birdsong was an independent director of the Atlantic Whitehall Funds.
Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an
advertising specialty firm.
ROBERT M. GAVIN, JR. (age 64) Director since 2002 (MF) and 1986 (MF2), Chairman
of the Board, since 2004, 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 59) 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.
SANDRA S. JAFFEE (age 63) Director since 2005
Ms. Jaffee is an Entrepreneur in Residence with Warburg Pincus, a private
equity firm. From September 1995 to July 2004, Ms. Jaffee served as
Executive Vice President at Citigroup, where she was President and CEO of
Citibank's Global Securities Services (1995-2003). Ms. Jaffee was appointed
Executive Vice President of Citibank in 1998.
PHILLIP O. PETERSON (age 60) 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.
INTERESTED DIRECTORS AND OFFICERS
THOMAS M. MARRA (age 46) Director since 2002
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 65) Director since 1996 (MF) and 2002 (MF2), co-chair of
the Investment Committee
Mr. Smith served as Vice Chairman of The Hartford from February 1997 to
January 2002, as President and Chief Executive Officer of Hartford Life,
Inc. from February 1997 to January 2002, and as President and Chief
Operating Officer of The Hartford Life Insurance Companies from January
1989 to January 2002. Mr. Smith has served as a Director of White Mountains
Insurance Group since November 2003.
DAVID M. ZNAMIEROWSKI (age 44) Director since 1999 (MF), President since 2001
Mr. Znamierowski currently serves as President of Hartford Investment
Management Company ("Hartford Investment Management"), Executive Vice
President and Chief Investment Officer for Hartford Life, Inc., and
Executive 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 Executive
Vice President and Chief Investment Officer for The Hartford.
262
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
DIRECTORS AND OFFICERS -- (CONTINUED)(UNAUDITED)
- --------------------------------------------------------------------------------
OTHER OFFICERS
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., Ms. Fagely is a Vice President of
Hartford Life Insurance Company where she served as Assistant Vice
President from December 2001 through May 2005. In addition, Ms. Fagely is
Controller of HIFSCO, Vice President, Controller and Treasurer of The
Hartford Income Shares Fund, Inc., Hartford Series Fund, Inc. and Hartford
HLS Series Fund II, Inc.
MARY JANE FORTIN (age 40) Vice President since 2003
Ms. Fortin is Senior Vice President and Director of Mutual Funds and 529
Programs for Hartford Life. Previously, Ms. Fortin served as Senior Vice
President and Chief Accounting Officer of Hartford Life.
GEORGE R. JAY (age 53) Chief Compliance Officer since 2004, 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 and Chief Compliance
Officer 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 38) 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.
EDWARD P. MACDONALD (age 37) Vice President and Secretary since 2005
Mr. Macdonald serves as Assistant General Counsel of The Hartford. Prior to
joining The Hartford in 2005, Mr. Macdonald was with Prudential Financial
(formerly American Skandia Investment Services, Inc.) where he served as
Chief Counsel, Investment Management (July 2002 to March 2005); Senior
Counsel, Securities (September 2000 to June 2002; Counsel (December 1999 to
August 2000); and Senior Associate of Counsel (April 1999 to December
1999).
DENISE A. SETTIMI (age 44) Vice President since 2005
Ms. Settimi currently serves as Vice President Securities Operations of
HASCO. Since March 2003, she has served as Director of Hartford Life
Insurance Company. Previously, Ms. Settimi was with American Express
Financial Advisors, where she was Director of Retirement Plan Services from
1997 to 2003.
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.
HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING POLICIES AND PROXY VOTING RECORD
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities and a record of how the Funds
voted any proxies for the twelve month period ended June 30, 2004 is available
(1) without charge, upon request, by calling 888-843-7824 and (2) on the
Securities and Exchange Commission's website at http://www.sec.gov.
QUARTERLY PORTFOLIO HOLDINGS INFORMATION
The Funds file a complete schedule of portfolio holdings with the Commission for
the first and third quarters of each fiscal year on Form N-Q. The Funds Forms
N-Q will be available (1) without charge, upon request, by calling 888-843-7824
and (2) on the Securities and Exchange Commission's website at www.sec.gov. The
Forms N-Q may be reviewed and copied at the Commission's Public Reference Room
in Washington, DC. Information on the operation of the Public Reference Room may
be obtained by calling 1-800-SEC-0330.
263
HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
EXPENSE EXAMPLE
- --------------------------------------------------------------------------------
YOUR FUND'S EXPENSES
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments and contingent
deferred sales charges (CDSC) (2) ongoing costs including management fees;
distribution fees; and other fund expenses. This example is intended to help you
understand your ongoing costs(in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the period of October 31, 2004 through April 30, 2005.
ACTUAL EXPENSES
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6, then multiply the result by the number in
the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) and CDSC. Therefore, the second line of the table is useful in
comparing ongoing costs only, and will not help you determine the relative total
costs of owning different funds. In addition, if these transactional costs were
included, your costs would be higher.
Expenses are equal to the Fund's annualized expense ratios multiplied by average
account value over the period, multiplied by 181/365 (to reflect the one-half
year period).
<Table>
<Caption>
ACTUAL RETURN
---------------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004
VALUE VALUE THROUGH
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005
-------------------- -------------- -----------------
THE HARTFORD ADVISERS FUND
Class A..................................... $1,000 $ 988 $ 5.92
Class B..................................... $1,000 $ 985 $ 9.70
Class C..................................... $1,000 $ 986 $ 9.31
Class Y..................................... $1,000 $ 989 $ 3.65
THE HARTFORD AGGRESSIVE GROWTH ALLOCATION
FUND
Class A..................................... $1,000 $ 973 $ 3.37
Class B..................................... $1,000 $ 971 $ 6.60
Class C..................................... $1,000 $ 972 $ 6.60
THE HARTFORD BALANCED ALLOCATION FUND
Class A..................................... $1,000 $ 984 $ 3.00
Class B..................................... $1,000 $ 982 $ 6.49
Class C..................................... $1,000 $ 981 $ 6.48
THE HARTFORD CAPITAL APPRECIATION FUND
Class A..................................... $1,000 $ 969 $ 6.25
Class B..................................... $1,000 $ 967 $10.00
Class C..................................... $1,000 $ 967 $ 9.56
Class Y..................................... $1,000 $ 970 $ 3.91
THE HARTFORD CONSERVATIVE ALLOCATION FUND
Class A..................................... $1,000 $ 989 $ 3.01
Class B..................................... $1,000 $ 987 $ 6.31
Class C..................................... $1,000 $ 987 $ 6.31
<Caption>
HYPOTHETICAL (5% RETURN BEFORE EXPENSES)
-----------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004 ANNUALIZED DAYS IN THE
VALUE VALUE THROUGH EXPENSE CURRENT 1/2
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005 RATIO YEAR
---------------- -------------- ----------------- ---------- -----------
THE HARTFORD ADVISERS FUND
Class A..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
Class B..................................... $1,000 $1,015.03 $ 9.84 1.97% 181
Class C..................................... $1,000 $1,015.42 $ 9.44 1.89% 181
Class Y..................................... $1,000 $1,021.12 $ 3.71 0.74% 181
THE HARTFORD AGGRESSIVE GROWTH ALLOCATION
FUND
Class A..................................... $1,000 $1,021.37 $ 3.46 0.69% 181
Class B..................................... $1,000 $1,018.10 $ 6.76 1.35% 181
Class C..................................... $1,000 $1,018.10 $ 6.76 1.35% 181
THE HARTFORD BALANCED ALLOCATION FUND
Class A..................................... $1,000 $1,021.77 $ 3.06 0.61% 181
Class B..................................... $1,000 $1,018.25 $ 6.61 1.32% 181
Class C..................................... $1,000 $1,018.25 $ 6.61 1.32% 181
THE HARTFORD CAPITAL APPRECIATION FUND
Class A..................................... $1,000 $1,018.45 $ 6.41 1.28% 181
Class B..................................... $1,000 $1,014.63 $10.24 2.05% 181
Class C..................................... $1,000 $1,015.08 $ 9.79 1.96% 181
Class Y..................................... $1,000 $1,020.83 $ 4.01 0.80% 181
THE HARTFORD CONSERVATIVE ALLOCATION FUND
Class A..................................... $1,000 $1,021.77 $ 3.06 0.61% 181
Class B..................................... $1,000 $1,018.45 $ 6.41 1.28% 181
Class C..................................... $1,000 $1,018.45 $ 6.41 1.28% 181
<Caption>
DAYS IN THE
FULL YEAR
-----------
THE HARTFORD ADVISERS FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD AGGRESSIVE GROWTH ALLOCATION
FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD BALANCED ALLOCATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD CAPITAL APPRECIATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD CONSERVATIVE ALLOCATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
</Table>
264
- --------------------------------------------------------------------------------
<Table>
<Caption>
ACTUAL RETURN
---------------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004
VALUE VALUE THROUGH
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005
-------------------- -------------- -----------------
THE HARTFORD DISCIPLINED EQUITY FUND
Class A..................................... $1,000 $ 982 $ 6.88
Class B..................................... $1,000 $ 981 $10.56
Class C..................................... $1,000 $ 981 $10.41
Class Y..................................... $1,000 $ 984 $ 4.48
THE HARTFORD DIVIDEND & GROWTH FUND
Class A..................................... $1,000 $ 993 $ 5.78
Class B..................................... $1,000 $ 992 $ 9.97
Class C..................................... $1,000 $ 992 $ 9.33
Class Y..................................... $1,000 $ 994 $ 3.66
THE HARTFORD EQUITY INCOME FUND
Class A..................................... $1,000 $1,010 $ 2.54
Class B..................................... $1,000 $1,007 $ 6.92
Class C..................................... $1,000 $1,007 $ 6.12
Class Y..................................... $1,000 $1,010 $ 0.65
THE HARTFORD FOCUS
Class A..................................... $1,000 $ 980 $ 7.86
Class B..................................... $1,000 $ 977 $11.52
Class C..................................... $1,000 $ 979 $11.53
Class Y..................................... $1,000 $ 981 $ 5.65
THE HARTFORD GLOBAL COMMUNICATIONS
Class A..................................... $1,000 $ 942 $ 7.71
Class B..................................... $1,000 $ 939 $11.30
Class C..................................... $1,000 $ 941 $11.31
Class Y..................................... $1,000 $ 943 $ 5.78
THE HARTFORD GLOBAL FINANCIAL SERVICES
Class A..................................... $1,000 $ 974 $ 7.83
Class B..................................... $1,000 $ 972 $11.49
Class C..................................... $1,000 $ 972 $11.49
Class Y..................................... $1,000 $ 975 $ 5.88
THE HARTFORD GLOBAL HEALTH
Class A..................................... $1,000 $ 993 $ 7.91
Class B..................................... $1,000 $ 992 $11.61
Class C..................................... $1,000 $ 991 $11.60
Class Y..................................... $1,000 $ 994 $ 5.93
THE HARTFORD GLOBAL LEADERS FUND
Class A..................................... $1,000 $ 929 $ 7.08
Class B..................................... $1,000 $ 927 $11.23
Class C..................................... $1,000 $ 927 $10.70
Class Y..................................... $1,000 $ 930 $ 4.59
THE HARTFORD GLOBAL TECHNOLOGY
Class A..................................... $1,000 $ 941 $ 7.70
Class B..................................... $1,000 $ 939 $11.30
Class C..................................... $1,000 $ 939 $11.30
Class Y..................................... $1,000 $ 942 $ 5.78
THE HARTFORD GROWTH ALLOCATION FUND
Class A..................................... $1,000 $ 979 $ 3.19
Class B..................................... $1,000 $ 977 $ 6.42
Class C..................................... $1,000 $ 977 $ 6.42
THE HARTFORD GROWTH FUND
Class A..................................... $1,000 $ 959 $ 6.46
Class B..................................... $1,000 $ 957 $10.43
Class C..................................... $1,000 $ 957 $ 9.99
Class H..................................... $1,000 $ 957 $ 8.78
Class L..................................... $1,000 $ 959 $ 5.15
Class M..................................... $1,000 $ 957 $ 8.78
Class N..................................... $1,000 $ 957 $ 8.78
Class Y..................................... $1,000 $ 959 $ 4.18
<Caption>
HYPOTHETICAL (5% RETURN BEFORE EXPENSES)
-----------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004 ANNUALIZED DAYS IN THE
VALUE VALUE THROUGH EXPENSE CURRENT 1/2
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005 RATIO YEAR
---------------- -------------- ----------------- ---------- -----------
THE HARTFORD DISCIPLINED EQUITY FUND
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.28 $10.59 2.12% 181
Class Y..................................... $1,000 $1,020.28 $ 4.56 0.91% 181
THE HARTFORD DIVIDEND & GROWTH FUND
Class A..................................... $1,000 $1,018.99 $ 5.86 1.17% 181
Class B..................................... $1,000 $1,014.78 $10.09 2.02% 181
Class C..................................... $1,000 $1,015.42 $ 9.44 1.89% 181
Class Y..................................... $1,000 $1,021.12 $ 3.71 0.74% 181
THE HARTFORD EQUITY INCOME FUND
Class A..................................... $1,000 $1,022.27 $ 2.56 0.51% 181
Class B..................................... $1,000 $1,017.90 $ 6.95 1.39% 181
Class C..................................... $1,000 $1,018.70 $ 6.16 1.23% 181
Class Y..................................... $1,000 $1,024.15 $ 0.65 0.13% 181
THE HARTFORD FOCUS
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,019.09 $ 5.76 1.15% 181
THE HARTFORD GLOBAL COMMUNICATIONS
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD GLOBAL FINANCIAL SERVICES
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD GLOBAL HEALTH
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD GLOBAL LEADERS FUND
Class A..................................... $1,000 $1,017.46 $ 7.40 1.48% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.69 $11.18 2.24% 181
Class Y..................................... $1,000 $1,020.03 $ 4.81 0.96% 181
THE HARTFORD GLOBAL TECHNOLOGY
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD GROWTH ALLOCATION FUND
Class A..................................... $1,000 $1,021.57 $ 3.26 0.65% 181
Class B..................................... $1,000 $1,018.30 $ 6.56 1.31% 181
Class C..................................... $1,000 $1,018.30 $ 6.56 1.31% 181
THE HARTFORD GROWTH FUND
Class A..................................... $1,000 $1,018.20 $ 6.66 1.33% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.58 $10.29 2.06% 181
Class H..................................... $1,000 $1,015.82 $ 9.05 1.81% 181
Class L..................................... $1,000 $1,019.54 $ 5.31 1.06% 181
Class M..................................... $1,000 $1,015.82 $ 9.05 1.81% 181
Class N..................................... $1,000 $1,015.82 $ 9.05 1.81% 181
Class Y..................................... $1,000 $1,020.53 $ 4.31 0.86% 181
<Caption>
DAYS IN THE
FULL YEAR
-----------
THE HARTFORD DISCIPLINED EQUITY FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD DIVIDEND & GROWTH FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD EQUITY INCOME FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD FOCUS
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GLOBAL COMMUNICATIONS
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GLOBAL FINANCIAL SERVICES
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GLOBAL HEALTH
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GLOBAL LEADERS FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GLOBAL TECHNOLOGY
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD GROWTH ALLOCATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD GROWTH FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
</Table>
265
HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
EXPENSE EXAMPLE -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
ACTUAL RETURN
---------------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004
VALUE VALUE THROUGH
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005
-------------------- -------------- -----------------
THE HARTFORD GROWTH OPPORTUNITIES FUND
Class A..................................... $1,000 $ 948 $ 6.57
Class B..................................... $1,000 $ 946 $10.37
Class C..................................... $1,000 $ 946 $10.27
Class H..................................... $1,000 $ 946 $ 8.88
Class L..................................... $1,000 $ 948 $ 5.31
Class M..................................... $1,000 $ 946 $ 8.88
Class N..................................... $1,000 $ 946 $ 8.88
Class Y..................................... $1,000 $ 949 $ 4.25
Class Z..................................... $1,000 $ 949 $ 4.11
THE HARTFORD HIGH YIELD FUND
Class A..................................... $1,000 $ 975 $ 6.46
Class B..................................... $1,000 $ 971 $10.22
Class C..................................... $1,000 $ 972 $ 9.73
Class Y..................................... $1,000 $ 974 $ 4.21
THE HARTFORD INCOME ALLOCATION FUND
Class A..................................... $1,000 $ 998 $ 2.87
Class B..................................... $1,000 $ 998 $ 6.34
Class C..................................... $1,000 $ 998 $ 6.34
THE HARTFORD INCOME FUND
Class A..................................... $1,000 $ 992 $ 4.69
Class B..................................... $1,000 $ 991 $ 8.39
Class C..................................... $1,000 $ 991 $ 8.39
Class Y..................................... $1,000 $ 993 $ 3.46
THE HARTFORD INFLATION PLUS FUND
Class A..................................... $1,000 $1,013 $ 4.74
Class B..................................... $1,000 $1,011 $ 8.47
Class C..................................... $1,000 $1,011 $ 8.47
Class Y..................................... $1,000 $1,012 $ 3.44
THE HARTFORD INTERNATIONAL CAPITAL
APPRECIATION
Class A..................................... $1,000 $ 943 $ 7.71
Class B..................................... $1,000 $ 942 $11.31
Class C..................................... $1,000 $ 942 $11.32
Class Y..................................... $1,000 $ 944 $ 5.78
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
Class A..................................... $1,000 $ 989 $ 7.74
Class B..................................... $1,000 $ 988 $11.58
Class C..................................... $1,000 $ 988 $11.58
Class Y..................................... $1,000 $ 990 $ 5.43
THE HARTFORD INTERNATIONAL SMALL COMPANY
Class A..................................... $1,000 $ 965 $ 7.80
Class B..................................... $1,000 $ 963 $11.44
Class C..................................... $1,000 $ 963 $11.44
Class Y..................................... $1,000 $ 966 $ 5.85
THE HARTFORD MIDCAP FUND
Class A..................................... $1,000 $ 975 $ 6.41
Class B..................................... $1,000 $ 973 $10.22
Class C..................................... $1,000 $ 973 $ 9.78
Class Y..................................... $1,000 $ 976 $ 4.12
THE HARTFORD MIDCAP VALUE
Class A..................................... $1,000 $ 977 $ 6.86
Class B..................................... $1,000 $ 976 $10.53
Class C..................................... $1,000 $ 975 $10.53
Class Y..................................... $1,000 $ 978 $ 4.81
THE HARTFORD MONEY MARKET FUND
Class A..................................... $1,000 $1,004 $ 4.72
Class B..................................... $1,000 $1,003 $ 8.44
Class C..................................... $1,000 $1,003 $ 8.44
Class Y..................................... $1,000 $1,005 $ 2.73
THE HARTFORD SELECT MIDCAP GROWTH FUND
Class A..................................... $1,000 $ 951 $ 4.81
Class B..................................... $1,000 $ 949 $ 7.21
Class C..................................... $1,000 $ 949 $ 7.21
Class Y..................................... $1,000 $ 952 $ 3.53
<Caption>
HYPOTHETICAL (5% RETURN BEFORE EXPENSES)
-----------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004 ANNUALIZED DAYS IN THE
VALUE VALUE THROUGH EXPENSE CURRENT 1/2
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005 RATIO YEAR
---------------- -------------- ----------------- ---------- -----------
THE HARTFORD GROWTH OPPORTUNITIES FUND
Class A..................................... $1,000 $1,018.05 $ 6.80 1.36% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.23 $10.64 2.13% 181
Class H..................................... $1,000 $1,015.67 $ 9.20 1.84% 181
Class L..................................... $1,000 $1,019.34 $ 5.51 1.10% 181
Class M..................................... $1,000 $1,015.67 $ 9.20 1.84% 181
Class N..................................... $1,000 $1,015.67 $ 9.20 1.84% 181
Class Y..................................... $1,000 $1,020.43 $ 4.41 0.88% 181
Class Z..................................... $1,000 $1,020.58 $ 4.26 0.85% 181
THE HARTFORD HIGH YIELD FUND
Class A..................................... $1,000 $1,018.25 $ 6.61 1.32% 181
Class B..................................... $1,000 $1,014.43 $10.44 2.09% 181
Class C..................................... $1,000 $1,014.93 $ 9.94 1.99% 181
Class Y..................................... $1,000 $1,020.53 $ 4.31 0.86% 181
THE HARTFORD INCOME ALLOCATION FUND
Class A..................................... $1,000 $1,021.92 $ 2.91 0.58% 181
Class B..................................... $1,000 $1,018.45 $ 6.41 1.28% 181
Class C..................................... $1,000 $1,018.45 $ 6.41 1.28% 181
THE HARTFORD INCOME FUND
Class A..................................... $1,000 $1,020.08 $ 4.76 0.95% 181
Class B..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class C..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class Y..................................... $1,000 $1,021.32 $ 3.51 0.70% 181
THE HARTFORD INFLATION PLUS FUND
Class A..................................... $1,000 $1,020.08 $ 4.76 0.95% 181
Class B..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class C..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class Y..................................... $1,000 $1,021.37 $ 3.46 0.69% 181
THE HARTFORD INTERNATIONAL CAPITAL
APPRECIATION
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
Class A..................................... $1,000 $1,017.01 $ 7.85 1.57% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,019.34 $ 5.51 1.10% 181
THE HARTFORD INTERNATIONAL SMALL COMPANY
Class A..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class B..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class C..................................... $1,000 $1,013.14 $11.73 2.35% 181
Class Y..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
THE HARTFORD MIDCAP FUND
Class A..................................... $1,000 $1,018.30 $ 6.56 1.31% 181
Class B..................................... $1,000 $1,014.43 $10.44 2.09% 181
Class C..................................... $1,000 $1,014.88 $ 9.99 2.00% 181
Class Y..................................... $1,000 $1,020.63 $ 4.21 0.84% 181
THE HARTFORD MIDCAP VALUE
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class Y..................................... $1,000 $1,019.93 $ 4.91 0.98% 181
THE HARTFORD MONEY MARKET FUND
Class A..................................... $1,000 $1,020.08 $ 4.76 0.95% 181
Class B..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class C..................................... $1,000 $1,016.36 $ 8.50 1.70% 181
Class Y..................................... $1,000 $1,022.07 $ 2.76 0.55% 181
THE HARTFORD SELECT MIDCAP GROWTH FUND
Class A..................................... $1,000 $1,011.51 $ 4.96 1.50% 120
Class B..................................... $1,000 $1,009.04 $ 7.43 2.25% 120
Class C..................................... $1,000 $1,009.04 $ 7.43 2.25% 120
Class Y..................................... $1,000 $1,012.82 $ 3.64 1.10% 120
<Caption>
DAYS IN THE
FULL YEAR
-----------
THE HARTFORD GROWTH OPPORTUNITIES FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
Class Z..................................... 365
THE HARTFORD HIGH YIELD FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD INCOME ALLOCATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD INCOME FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD INFLATION PLUS FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD INTERNATIONAL CAPITAL
APPRECIATION
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD INTERNATIONAL SMALL COMPANY
Class A.....................................
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD MIDCAP FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD MIDCAP VALUE
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD MONEY MARKET FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD SELECT MIDCAP GROWTH FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
</Table>
266
- --------------------------------------------------------------------------------
<Table>
<Caption>
ACTUAL RETURN
---------------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004
VALUE VALUE THROUGH
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005
-------------------- -------------- -----------------
THE HARTFORD SHORT DURATION FUND
Class A..................................... $1,000 $1,004 $ 0.00
Class B..................................... $1,000 $1,003 $ 0.00
Class C..................................... $1,000 $1,003 $ 0.00
Class Y..................................... $1,000 $1,005 $ 0.00
THE HARTFORD SMALL COMPANY FUND
Class A..................................... $1,000 $ 975 $ 6.86
Class B..................................... $1,000 $ 974 $10.52
Class C..................................... $1,000 $ 974 $10.52
Class Y..................................... $1,000 $ 976 $ 4.80
THE HARTFORD SMALLCAP GROWTH FUND
Class A..................................... $1,000 $ 968 $ 6.83
Class B..................................... $1,000 $ 966 $10.48
Class C..................................... $1,000 $ 966 $10.48
Class H..................................... $1,000 $ 967 $ 9.65
Class L..................................... $1,000 $ 968 $ 6.00
Class M..................................... $1,000 $ 967 $ 9.66
Class N..................................... $1,000 $ 967 $ 9.66
Class Y..................................... $1,000 $ 969 $ 5.03
THE HARTFORD STOCK FUND
Class A..................................... $1,000 $ 981 $ 6.53
Class B..................................... $1,000 $ 979 $10.84
Class C..................................... $1,000 $ 979 $10.11
Class Y..................................... $1,000 $ 982 $ 3.98
THE HARTFORD TAX-FREE CALIFORNIA FUND
Class A..................................... $1,000 $1,009 $ 4.48
Class B..................................... $1,000 $1,007 $ 8.21
Class C..................................... $1,000 $1,007 $ 8.21
THE HARTFORD TAX-FREE MINNESOTA FUND
Class A..................................... $1,000 $1,004 $ 4.22
Class B..................................... $1,000 $1,002 $ 7.94
Class C..................................... $1,000 $1,002 $ 7.94
Class E..................................... $1,000 $1,004 $ 4.22
Class H..................................... $1,000 $1,002 $ 7.94
Class L..................................... $1,000 $1,004 $ 4.47
Class M..................................... $1,000 $1,002 $ 7.94
Class N..................................... $1,000 $1,002 $ 7.94
Class Y..................................... $1,000 $1,004 $ 4.32
THE HARTFORD TAX-FREE NATIONAL FUND
Class A..................................... $1,000 $1,006 $ 4.97
Class B..................................... $1,000 $1,004 $ 8.70
Class C..................................... $1,000 $1,004 $ 8.70
Class E..................................... $1,000 $1,006 $ 4.63
Class H..................................... $1,000 $1,004 $ 8.70
Class L..................................... $1,000 $1,006 $ 5.22
Class M..................................... $1,000 $1,004 $ 8.70
Class N..................................... $1,000 $1,005 $ 8.70
Class Y..................................... $1,000 $1,006 $ 4.78
THE HARTFORD TAX-FREE NEW YORK FUND
Class A..................................... $1,000 $1,005 $ 4.22
Class B..................................... $1,000 $1,003 $ 7.95
Class C..................................... $1,000 $1,003 $ 7.95
THE HARTFORD TOTAL RETURN BOND FUND
Class A..................................... $1,000 $1,001 $ 5.95
Class B..................................... $1,000 $1,000 $ 9.67
Class C..................................... $1,000 $1,001 $ 9.28
Class Y..................................... $1,000 $1,003 $ 3.68
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
Class A..................................... $1,000 $1,006 $ 5.72
Class B..................................... $1,000 $1,004 $ 9.44
Class C..................................... $1,000 $1,004 $ 9.44
Class E..................................... $1,000 $1,005 $ 4.13
Class H..................................... $1,000 $1,003 $ 9.04
Class L..................................... $1,000 $1,005 $ 5.37
Class M..................................... $1,000 $1,004 $ 9.04
Class N..................................... $1,000 $1,004 $ 9.04
Class Y..................................... $1,000 $1,005 $ 4.38
<Caption>
HYPOTHETICAL (5% RETURN BEFORE EXPENSES)
-----------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004 ANNUALIZED DAYS IN THE
VALUE VALUE THROUGH EXPENSE CURRENT 1/2
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005 RATIO YEAR
---------------- -------------- ----------------- ---------- -----------
THE HARTFORD SHORT DURATION FUND
Class A..................................... $1,000 $1,020.33 $ 4.51 0.90% 181
Class B..................................... $1,000 $1,016.61 $ 8.25 1.65% 181
Class C..................................... $1,000 $1,016.61 $ 8.25 1.65% 181
Class Y..................................... $1,000 $1,021.57 $ 3.26 0.65% 181
THE HARTFORD SMALL COMPANY FUND
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class Y..................................... $1,000 $1,019.93 $ 4.91 0.98% 181
THE HARTFORD SMALLCAP GROWTH FUND
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class H..................................... $1,000 $1,014.98 $ 9.89 1.98% 181
Class L..................................... $1,000 $1,018.70 $ 6.16 1.23% 181
Class M..................................... $1,000 $1,014.98 $ 9.89 1.98% 181
Class N..................................... $1,000 $1,014.98 $ 9.89 1.98% 181
Class Y..................................... $1,000 $1,019.69 $ 5.16 1.03% 181
THE HARTFORD STOCK FUND
Class A..................................... $1,000 $1,018.20 $ 6.66 1.33% 181
Class B..................................... $1,000 $1,013.84 $11.03 2.21% 181
Class C..................................... $1,000 $1,014.58 $10.29 2.06% 181
Class Y..................................... $1,000 $1,020.78 $ 4.06 0.81% 181
THE HARTFORD TAX-FREE CALIFORNIA FUND
Class A..................................... $1,000 $1,020.33 $ 4.51 0.90% 181
Class B..................................... $1,000 $1,016.61 $ 8.25 1.65% 181
Class C..................................... $1,000 $1,016.61 $ 8.25 1.65% 181
THE HARTFORD TAX-FREE MINNESOTA FUND
Class A..................................... $1,000 $1,020.58 $ 4.26 0.85% 181
Class B..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class C..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class E..................................... $1,000 $1,020.58 $ 4.26 0.85% 181
Class H..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class L..................................... $1,000 $1,020.33 $ 4.51 0.90% 181
Class M..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class N..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class Y..................................... $1,000 $1,020.48 $ 4.36 0.87% 181
THE HARTFORD TAX-FREE NATIONAL FUND
Class A..................................... $1,000 $1,019.84 $ 5.01 1.00% 181
Class B..................................... $1,000 $1,016.12 $ 8.75 1.75% 181
Class C..................................... $1,000 $1,016.12 $ 8.75 1.75% 181
Class E..................................... $1,000 $1,020.18 $ 4.66 0.93% 181
Class H..................................... $1,000 $1,016.12 $ 8.75 1.75% 181
Class L..................................... $1,000 $1,019.59 $ 5.26 1.05% 181
Class M..................................... $1,000 $1,016.12 $ 8.75 1.75% 181
Class N..................................... $1,000 $1,016.12 $ 8.75 1.75% 181
Class Y..................................... $1,000 $1,020.03 $ 4.81 0.96% 181
THE HARTFORD TAX-FREE NEW YORK FUND
Class A..................................... $1,000 $1,020.58 $ 4.26 0.85% 181
Class B..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
Class C..................................... $1,000 $1,016.86 $ 8.00 1.60% 181
THE HARTFORD TOTAL RETURN BOND FUND
Class A..................................... $1,000 $1,018.84 $ 6.01 1.20% 181
Class B..................................... $1,000 $1,015.12 $ 9.74 1.95% 181
Class C..................................... $1,000 $1,015.52 $ 9.35 1.87% 181
Class Y..................................... $1,000 $1,021.12 $ 3.71 0.74% 181
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
Class A..................................... $1,000 $1,019.09 $ 5.76 1.15% 181
Class B..................................... $1,000 $1,015.37 $ 9.49 1.90% 181
Class C..................................... $1,000 $1,015.37 $ 9.49 1.90% 181
Class E..................................... $1,000 $1,020.68 $ 4.16 0.83% 181
Class H..................................... $1,000 $1,015.77 $ 9.10 1.82% 181
Class L..................................... $1,000 $1,019.44 $ 5.41 1.08% 181
Class M..................................... $1,000 $1,015.77 $ 9.10 1.82% 181
Class N..................................... $1,000 $1,015.77 $ 9.10 1.82% 181
Class Y..................................... $1,000 $1,020.43 $ 4.41 0.88% 181
<Caption>
DAYS IN THE
FULL YEAR
-----------
THE HARTFORD SHORT DURATION FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD SMALL COMPANY FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD SMALLCAP GROWTH FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
THE HARTFORD STOCK FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD TAX-FREE CALIFORNIA FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD TAX-FREE MINNESOTA FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class E..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
THE HARTFORD TAX-FREE NATIONAL FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class E..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
THE HARTFORD TAX-FREE NEW YORK FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
THE HARTFORD TOTAL RETURN BOND FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class E..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
</Table>
267
HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
EXPENSE EXAMPLE -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
ACTUAL RETURN
---------------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004
VALUE VALUE THROUGH
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005
-------------------- -------------- -----------------
THE HARTFORD VALUE
Class A..................................... $1,000 $1,007 $ 6.97
Class B..................................... $1,000 $1,005 $10.69
Class C..................................... $1,000 $1,006 $10.69
Class Y..................................... $1,000 $1,008 $ 4.73
THE HARTFORD VALUE OPPORTUNITIES FUND
Class A..................................... $1,000 $ 982 $ 6.88
Class B..................................... $1,000 $ 980 $10.55
Class C..................................... $1,000 $ 980 $10.55
Class H..................................... $1,000 $ 980 $10.41
Class L..................................... $1,000 $ 982 $ 6.73
Class M..................................... $1,000 $ 980 $10.41
Class N..................................... $1,000 $ 980 $10.41
Class Y..................................... $1,000 $ 982 $ 5.80
<Caption>
HYPOTHETICAL (5% RETURN BEFORE EXPENSES)
-----------------------------------------------------
EXPENSES PAID
BEGINNING ENDING DURING THE PERIOD
ACCOUNT ACCOUNT OCTOBER 31, 2004 ANNUALIZED DAYS IN THE
VALUE VALUE THROUGH EXPENSE CURRENT 1/2
OCTOBER 31, 2004 APRIL 30, 2005 APRIL 30, 2005 RATIO YEAR
---------------- -------------- ----------------- ---------- -----------
THE HARTFORD VALUE
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class Y..................................... $1,000 $1,020.08 $ 4.76 0.95% 181
THE HARTFORD VALUE OPPORTUNITIES FUND
Class A..................................... $1,000 $1,017.85 $ 7.00 1.40% 181
Class B..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class C..................................... $1,000 $1,014.13 $10.74 2.15% 181
Class H..................................... $1,000 $1,014.28 $10.59 2.12% 181
Class L..................................... $1,000 $1,018.00 $ 6.85 1.37% 181
Class M..................................... $1,000 $1,014.28 $10.59 2.12% 181
Class N..................................... $1,000 $1,014.28 $10.59 2.12% 181
Class Y..................................... $1,000 $1,018.94 $ 5.91 1.18% 181
<Caption>
DAYS IN THE
FULL YEAR
-----------
THE HARTFORD VALUE
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class Y..................................... 365
THE HARTFORD VALUE OPPORTUNITIES FUND
Class A..................................... 365
Class B..................................... 365
Class C..................................... 365
Class H..................................... 365
Class L..................................... 365
Class M..................................... 365
Class N..................................... 365
Class Y..................................... 365
</Table>
268
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.
269
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 Group Insurance Company; HL Investment Advisors; 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.
270
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. SCHEDULE OF INVESTMENTS
The Schedule of Investments is included as part of the semi-annual report
filed under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors since registrant last
provided disclosure in response to this requirement.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the Registrant's Disclosure Controls and
Procedures as of a date within 90 days of the filing date of this
report, the Disclosure Controls and Procedures are effectively
designed to ensure that
information required to be disclosed by the Registrant is recorded,
processed, summarized and reported by the date of this report,
including ensuring that information required to be disclosed in the
report is accumulated and communicated to the Registrant's
management, including the Registrant's officers, as appropriate, to
allow timely decisions regarding required disclosure.
(b) There was no change in the Registrant's internal control over
financial reporting that occurred during the Registrant's last
fiscal half year that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS.
11(a)(2) Section 302 certifications of the principal executive officer
and principal financial officer of Registrant.
(b) Section 906 certification.
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 15, 2005 By: /s/ David M. 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 15, 2005 By: /s/ David M. Znamierowski
-------------------------
David M. Znamierowski
Its: President
Date: June 15, 2005 By: /s/ Tamara L. Fagely
-------------------------
Tamara L. Fagely
Its: Vice President,
Controller and Treasurer
EXHIBIT LIST
99.CERT 11(a)(2) Certifications
(i) Section 302 certification of principal executive officer
(ii) Section 302 certification of principal financial officer
99.906CERT 11(b) Section 906 certification of principal executive officer and
principal financial officer