HARTFORD MUTUAL FUNDS II INC
COMBINED STATEMENT OF ADDITIONAL INFORMATION
FOR HARTFORD FUNDS
This Combined Statement of Additional Information (“SAI”) is not a prospectus, and it should be read in conjunction with the prospectus, as may be amended, restated or supplemented from time to time, of the series of The Hartford Mutual Funds II, Inc. (the “Company”) in the chart below (each a “Fund” and collectively, the “Funds”). The Company is an open-end management investment company currently consisting of fifteen separate series. This SAI relates only to the Funds.
THE HARTFORD MUTUAL FUNDS II, INC.
 
Class
A
Class
C
Class
I
Class
SDR
Class
R3
Class
R4
Class
R5
Class
Y
Class
F
Hartford Schroders China A
Fund
HSHAX
HSHCX
HSHIX
HSHRX
HSHYX
HSHFX
Hartford Schroders
Diversified Emerging
Markets Fund
HSXAX
HSXCX
HSXIX
HSDEX
HSXYX
HSXFX
Hartford Schroders
Emerging Markets Equity
Fund
SEMVX
HHHCX
SEMNX
SEMTX
HHHRX
HHHSX
HHHTX
HHHYX
HHHFX
Hartford Schroders
Emerging Markets Multi-
Sector Bond Fund
SMSVX
HFZCX
SMSNX
SMSRX
HFZRX
HFZSX
HFZTX
HFZYX
HFZFX
Hartford Schroders
International Contrarian
Value Fund
HFSIX
HFSSX
Hartford Schroders
International Multi-Cap Value
Fund
SIDVX
HFYCX
SIDNX
SIDRX
HFYRX
HFYSX
HFYTX
HFYYX
HFYFX
Hartford Schroders
International Stock Fund
SCVEX
HSWCX
SCIEX
SCIJX
HSWRX
HSWSX
HSWTX
HSWYX
HSWFX
Hartford Schroders
Sustainable Core Bond Fund
HSAEX
SCBRX
HSACX
HSSBX
HSADX
SCBIX
HSSFX
Hartford Schroders
Sustainable International
Core Fund
HSISX
HSIDX
Hartford Schroders Tax-
Aware Bond Fund
STWVX
HFKCX
STWTX
HFKVX
HFKYX
HFKFX
Hartford Schroders US
MidCap Opportunities Fund
SMDVX
HFDCX
SMDIX
SMDRX
HFDRX
HFDSX
HFDTX
HFDYX
HFDFX
Hartford Schroders US
Small Cap Opportunities
Fund
SCUVX
HOOCX
SCUIX
SCURX
HOORX
HOOSX
HOOTX
HOOYX
HOOFX
The Funds’ prospectus is incorporated by reference into this SAI. This SAI is incorporated by reference in its entirety into the prospectus. The audited financial statements and the notes thereto for each of Hartford Schroders China A Fund, Hartford Schroders Diversified Emerging Markets Fund, Hartford Schroders Emerging Markets Equity Fund, Hartford Schroders Emerging Markets Multi-Sector Bond Fund, Hartford Schroders International Contrarian Value Fund, Hartford Schroders International Multi-Cap Value Fund, Hartford Schroders International Stock Fund, Hartford Schroders Sustainable International Core Fund, Hartford Schroders Tax-Aware Bond Fund, Hartford Schroders US MidCap Opportunities Fund, and Hartford Schroders US Small Cap Opportunities Fund, which are included in the Annual Report to shareholders for each of these Funds dated October 31, 2022 (“Hartford Schroders Funds’ Annual Report”), are incorporated into this SAI by reference. No other portions of the audited financials are incorporated by reference herein. The Hartford Schroders Funds’ Annual Report was filed with the U.S. Securities and Exchange Commission (“SEC”) and is available at https://www.sec.gov/Archives/edgar/data/49905/000119312523003085/d352443dncsr.htm. The audited financial statements and the notes thereto for Hartford Schroders Sustainable Core Bond Fund, which are included in the Annual Report to shareholders for Hartford Schroders Sustainable Core

Bond Fund dated October 31, 2022 (“Sustainable Core Bond Fund’s Annual Report”), are incorporated into this SAI by reference. No other portions of the audited financials are incorporated by reference herein. The Sustainable Core Bond Fund’s Annual Report was filed with the SEC and is available at https://www.sec.gov/Archives/edgar/data/49905/000119312523003085/d352443dncsr.htm. A free copy of the Hartford Schroders Funds’ Annual Report, the Sustainable Core Bond Fund’s Annual Report, and the Funds’ prospectus is available on the Funds’ website at hartfordfunds.com; upon request by writing to: Hartford Funds, P.O. Box 219060, Kansas City, MO 64121-9060; or by calling 1-888-843-7824.
Date of Prospectus: March 1, 2023, as may be amended, restated or supplemented from time to time
Date of Statement of Additional Information: March 1, 2023

Table of Contents
 
Page No.
4
5
7
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62
64
72
72
76
77
78
78
84
86
86
90
91
92
93
99
99
99
99
99
99
100
101
111
116

GENERAL INFORMATION
This SAI relates to all of the funds listed on the front cover page (each a “Fund” and collectively, the “Funds”). Each Fund is a series of the Company. The Company was organized as a Maryland corporation on March 23, 2001. Each Fund is offered through a prospectus relating to one or more Funds and their classes. Each Fund is a separate mutual fund and each share of each Fund represents an equal proportionate interest in that Fund (subject to the liabilities belonging to the class). This SAI relates to Class A, C, I, SDR, R3, R4, R5, Y and F shares. Each Fund offers the classes set forth in the table on the cover page next to its name.
Each of the Funds, except for the Hartford Schroders China A Fund (“China A Fund”), Hartford Schroders Diversified Emerging Markets Fund (“Diversified Emerging Markets Fund”), Hartford Schroders International Contrarian Value Fund (“International Contrarian Value Fund”) and Hartford Schroders Sustainable International Core Fund (“Sustainable International Core Fund”), are the successors in interest to certain funds that were included as series of another investment company and that were advised by the Funds’ sub-adviser (the “Predecessor Funds”). With respect to each Fund, except China A Fund, Diversified Emerging Markets Fund, International Contrarian Value Fund and Sustainable International Core Fund, the chart below sets forth the Fund's Predecessor Fund, the inception date of the Predecessor Fund, the shareholder meeting date and the reorganization date.
Fund*
Predecessor Fund
Inception Date
Predecessor Fund
Shareholder Meeting Date
Reorganization Date
Hartford Schroders
Emerging Markets Equity
Fund (“Emerging Markets
Equity Fund”)
Schroder Emerging
Market Equity Fund
March 31, 2006
October 11, 2016 and
adjourned to October 13,
2016
Before the opening of
business on October 24,
2016
Hartford Schroders
Emerging Markets Multi-
Sector Bond Fund
(“Emerging Markets Multi-
Sector Bond Fund”)
Schroder Emerging
Markets Multi-Sector
Bond Fund
June 25, 2013
October 11, 2016 and
adjourned to October 13,
2016
Before the opening of
business on October 24,
2016
Hartford Schroders
International Multi-Cap
Value Fund (“International
Multi-Cap Value Fund”)
Schroder International
Multi-Cap Value Fund
August 30, 2006
October 11, 2016 and
adjourned to October 13,
2016
Before the opening of
business on October 24,
2016
Hartford Schroders
International Stock Fund
(“International Stock
Fund”)
Schroder International
Alpha Fund
December 19, 1985
October 11, 2016 and
adjourned to October 13,
2016
Before the opening of
business on October 24,
2016
Hartford Schroders
Sustainable Core Bond
Fund (“Sustainable Core
Bond Fund”)**
Schroder Core Bond Fund
January 31, 2018
October 28, 2021 and
adjourned to November 3,
2021
After the close of
business on November
12, 2021
Hartford Schroders Tax-
Aware Bond Fund (“Tax-
Aware Bond Fund”)
Schroder Broad Tax-Aware
Value Bond Fund
October 3, 2011***
October 11, 2016 and
adjourned to October 13,
2016
Before the opening of
business on October 24,
2016
Hartford Schroders US
MidCap Opportunities
Fund (“US MidCap
Opportunities Fund”)
Schroder U.S. Small and
Mid Cap Opportunities
Fund
March 31, 2006
October 11, 2016 and
adjourned to October 13,
2016,
Before the opening of
business on October 24,
2016
Hartford Schroders US
Small Cap Opportunities
Fund (“US Small Cap
Opportunities Fund”)
Schroder U.S.
Opportunities Fund
August 6, 1993
October 11, 2016 and
adjourned to October 13,
2016,
Before the opening of
business on October 24,
2016
* Each Fund succeeded to the accounting and performance histories of the corresponding Predecessor Fund.
** Information included in this SAI for periods prior to November 15, 2021 for the Sustainable Core Bond Fund is that of its corresponding Predecessor Fund.
*** STW Broad Tax-Aware Value Bond Fund, a series of The Advisors' Inner Circle Fund II, merged into the fund on June 24, 2013. The inception date above is of the STW Broad Tax-Aware Value Bond Fund.
International Stock Fund and US Small Cap Opportunities Fund were previously organized as series of Schroder Capital Funds (Delaware), a Delaware Statutory Trust, and Emerging Markets Equity Fund, Emerging Markets Multi-Sector Bond Fund, International Multi-Cap Value Fund, Sustainable Core Bond Fund, Tax-Aware Bond Fund, and US MidCap Opportunities Fund were previously organized as series of Schroder Series Trust, a Massachusetts business trust.
The inception date of China A Fund is March 31, 2020. The inception date of Diversified Emerging Markets Fund is September 30, 2021. The inception date for each of International Contrarian Value Fund and Sustainable International Core Fund is May 24, 2022.
4

Hartford Funds Management Company, LLC (“HFMC” or the “Investment Manager”) is the investment manager to each Fund. Hartford Funds Distributors, LLC (“HFD”) is the principal underwriter to each Fund. HFMC and HFD are indirect subsidiaries of The Hartford Financial Services Group, Inc. (“The Hartford”), a Connecticut-based financial services company. The Hartford may be deemed to control each of HFMC and HFD through the indirect ownership of such entities. In addition, Schroder Investment Management North America Inc. (“SIMNA”) is a sub-adviser to each Fund and Schroder Investment Management North America Ltd. (“SIMNA Ltd.” and together with “SIMNA,” the “sub-advisers”) is a sub-sub-adviser to the China A Fund, Diversified Emerging Markets Fund, Emerging Markets Equity Fund, Emerging Markets Multi-Sector Bond Fund, International Contrarian Value Fund, International Multi-Cap Value Fund, International Stock Fund, Sustainable International Core Fund and Tax-Aware Bond Fund.
HFMC also serves as the investment manager to the other series of The Hartford Mutual Funds II, Inc., which are not included in this SAI, and the series of The Hartford Mutual Funds, Inc., Hartford Funds Exchange-Traded Trust, Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc.
Investments in the Funds are not:
Deposits or obligations of any bank;
Guaranteed or endorsed by any bank; or
Federally insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other federal agency.
The prospectus and SAI do not purport to create any contractual obligations between the Company or any Fund and its shareholders. Further, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with the Investment Manager or other parties who provide services to the Funds.
INVESTMENT OBJECTIVES AND POLICIES
The investment objectives and principal investment strategies of each Fund are described in that Fund’s prospectus. Additional information concerning certain of the Funds’ investments, strategies and risks is set forth below.
A.
FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
Each Fund has adopted the fundamental investment restrictions set forth below. Fundamental investment restrictions may not be changed with respect to a Fund without the approval of a majority of the Fund’s outstanding voting securities as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act and as used in the prospectus and this SAI, a “majority of the outstanding voting securities” means the lesser of (1) the holders of 67% or more of the outstanding shares of a Fund (or a class of the outstanding shares of a Fund) represented at a meeting if the holders of more than 50% of the outstanding shares of the Fund (or class) are present in person or by proxy or (2) the holders of more than 50% of the outstanding shares of the Fund (or of the class).
Unless otherwise provided below, all references below to the assets of each Fund are in terms of current market value.
Each Fund:
1. will not borrow money or issue any class of senior securities, except to the extent consistent with the 1940 Act, and the rules and regulations thereunder, or as may otherwise be permitted from time to time by regulatory authority;
2. will not "concentrate" its investments in a particular industry or group of industries, except as permitted under the 1940 Act, and the rules and regulations thereunder as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction;
3. will not make loans, except to the extent consistent with the 1940 Act, and the rules and regulations thereunder, or as may otherwise be permitted from time to time by regulatory authority;
4. will not act as an underwriter of securities of other issuers, except to the extent that, in connection with the disposition of portfolio securities, the Fund may be deemed an underwriter under applicable laws;
5. will not purchase or sell real estate, except to the extent permitted under the 1940 Act and the rules and regulations thereunder, as such may be interpreted or modified from time to time by regulatory authorities having appropriate jurisdiction; and
6. will not invest in physical commodities or contracts relating to physical commodities, except to the extent permitted under the 1940 Act and other applicable laws, rules and regulations, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time and as set forth in the Fund’s prospectus and SAI.
5

B.
NON-FUNDAMENTAL INVESTMENT RESTRICTIONS OF THE FUNDS
The following restrictions are non-fundamental restrictions and may be changed by the Board of Directors of the Company (the “Board”) without shareholder approval.
Each Fund may not:
1. Pledge its assets other than to secure permitted borrowings or to secure investments permitted by the Fund’s investment policies as set forth in its prospectus and this SAI, as they may be amended from time to time, and applicable law.
2. Purchase securities on margin except to the extent permitted by applicable law.
3. Purchase securities while outstanding borrowings exceed 5% of a Fund’s total assets, except where the borrowing is for temporary or emergency purposes. Reverse repurchase agreements, dollar rolls, securities lending, borrowing securities in connection with short sales (where permitted in a Fund’s prospectus and SAI), and other investments or transactions described in the Fund’s prospectus and this SAI, as they may be amended from time to time, are not deemed to be borrowings for purposes of this restriction.
4. Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s prospectus and SAI, as amended from time to time, and applicable law.
5. Invest more than 15% of its net assets in illiquid investments as determined pursuant to Rule 22e-4 under the 1940 Act and the Fund’s procedures adopted thereunder.
C.
NON-FUNDAMENTAL TAX RESTRICTIONS OF THE FUNDS
Each Fund must:
1. Maintain its assets so that, at the close of each quarter of its taxable year,
(a) at least 50 percent of the fair market value of its total assets is comprised of cash, cash items, U.S. Government securities, securities of other regulated investment companies and other securities (including bank loans), limited in respect of any one issuer to no more than 5 percent of the fair market value of the Fund’s total assets and 10 percent of the outstanding voting securities of such issuer, and
(b) no more than 25 percent of the fair market value of its total assets is invested in the securities (including bank loans) of any one issuer (other than U.S. Government securities and securities of other regulated investment companies), or of two or more issuers controlled by the Fund and engaged in the same, similar, or related trades or businesses, or of one or more qualified publicly traded partnerships.
These tax-related limitations are subject to cure provisions under applicable tax laws and may be changed by the Board without shareholder approval to the extent appropriate in light of changes to applicable tax law requirements.
D.
CLASSIFICATION
Each Fund, except China A Fund and Emerging Markets Multi-Sector Bond Fund, has elected to be classified as a diversified series of an open-end management investment company. As a diversified fund, at least 75% of the value of each such Fund’s total assets must be represented by cash and cash items (including receivables), U.S. Government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer (i) to an amount not greater in value than 5% of the value of the total assets of such Fund and (ii) to not more than 10% of the outstanding voting securities of such issuer.
Each of China A Fund and Emerging Markets Multi-Sector Bond Fund has elected to be classified as a non-diversified series of an open-end management investment company, which means that the Fund is not required to comply with the diversification rules of the 1940 Act set forth in the prior paragraph, although the Fund must meet the tax-related diversification requirements set forth in Section C above.
A Fund may not change its classification status from diversified to non-diversified without the prior approval of shareholders but may change its classification status from non-diversified to diversified without such approval.
E.
ADDITIONAL INFORMATION REGARDING INVESTMENT RESTRICTIONS
The information below is not considered to be part of a Fund’s fundamental policy and is provided for informational purposes only.
Except with respect to the asset coverage requirements included in the limitation on borrowing set forth in Section A.1 above, if the percentage restrictions on investments described in this SAI and any Prospectus are adhered to at the time of investment, a later increase or decrease in such percentage resulting from a change in the values of securities or loans, a change in a Fund’s net assets or a change in security characteristics is not a violation of any of such restrictions.
6

With respect to investment restriction A.2, the 1940 Act does not define what constitutes “concentration” in an industry. However, the U.S. Securities and Exchange Commission (“SEC”) has taken the position that an investment in excess of 25% of a Fund’s total assets in one or more issuers conducting their principal business activities in the same industry generally constitutes concentration. The Funds do not apply this restriction to municipal securities, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, repurchase agreements collateralized by securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or other investment companies. For purposes of this restriction, each foreign government is considered to be a separate industry. Currency positions are not considered to be an investment in a foreign government for industry concentration purposes.
With respect to investment restriction A.5, the 1940 Act does not directly restrict a Fund’s ability to invest in real estate, but does require that every fund have a fundamental investment policy governing such investments. A Fund may acquire real estate as a result of ownership of securities or other instruments and a Fund may invest in securities or other instruments backed by real estate or securities of companies engaged in the real estate business or real estate investment trusts. A Fund is limited in the amount of illiquid assets it may purchase, and to the extent that investments in real estate are considered illiquid, Rule 22e-4 generally limits the Fund’s purchases of illiquid investments to 15% of its net assets.
With respect to investment restriction A.6, although the 1940 Act does not directly limit a Fund’s ability to invest in physical commodities or contracts relating to physical commodities, a Fund’s investments in physical commodities or contracts relating to physical commodities may be limited by a Fund’s intention to qualify as a registered investment company, as at least 90% of its gross income must come from certain qualifying sources of income, and income from physical commodities or contracts relating to physical commodities does not constitute qualifying income for this purpose. In addition, to the extent that any physical commodity or contracts relating to a physical commodity is considered to be an illiquid investment, Rule 22e-4 generally limits the Fund’s purchases of illiquid investments to 15% of its net assets. Other restrictions that could also limit a Fund’s investment in physical commodities or contracts relating to physical commodities include where that investment implicates a Fund’s diversification, concentration, or securities-related issuer policies, and where the Fund would need to take certain steps as set forth in its policies to avoid being considered to issue any class of senior securities.
F.
CERTAIN INVESTMENT STRATEGIES, RISKS AND CONSIDERATIONS
The investment objective and principal investment strategies for each Fund are discussed in that Fund’s prospectus. Certain descriptions in a Fund’s prospectus and this SAI of a particular investment practice or technique in which the Fund may engage or a financial instrument that the Fund may purchase are meant to describe the spectrum of investments that a Fund’s sub-adviser, in its discretion, might, but is not required to, use in managing the Fund’s portfolio assets in accordance with the Fund’s investment objective, policies and restrictions. A sub-adviser, in its discretion, may employ any such practice, technique or instrument for one or more of the Funds, but not for all of the Funds, for which it serves as sub-adviser. It is possible that certain types of financial instruments or techniques may not be available, permissible or effective for their intended purposes in all markets.
Under the Commodity Exchange Act (“CEA”) and the Commodity Futures Trading Commission (“CFTC”) regulations thereunder, HFMC must either operate within certain guidelines and restrictions with respect to a Fund’s use of futures, options on such futures, commodity options and certain swaps, or be subject to registration with the CFTC as a “commodity pool operator” (“CPO”) with respect to the Fund and be required to operate the Fund in compliance with certain disclosure, reporting, and recordkeeping requirements.
Under current CFTC rules, the investment adviser of a registered investment company may claim an exemption from registration as a CPO only if the registered investment company that it advises uses futures contracts, options on such futures, commodity options and certain swaps solely for “bona fide hedging purposes,” or limits its use of such instruments for non-bona fide hedging purposes to certain de minimis amounts.
HFMC has elected to claim an exclusion from the definition of CPO with respect to each Fund. In the event that a Fund for which HFMC is not currently registered with or regulated by the CFTC engages in transactions that require registration as a CPO in the future, HFMC will comply with applicable regulations. Each Fund may choose to change its election at any time. If a Fund operates subject to CFTC regulation, it may incur additional expenses.
INVESTMENT RISKS
The information below does not describe every type of investment, technique or risk to which a Fund may be exposed. The tables and discussion set forth below provide descriptions of some of the types of investments and investment strategies that one or more of the Funds may use, and the risks and considerations associated with those investments and investment strategies. Information contained in this section about the risks and considerations associated with a Fund’s investments and/or investment strategies applies only to those Funds specifically identified in the table below as making each type of investment or using each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that is clearly identified as applicable to a Covered Fund is considered to form a part of the Covered Fund’s SAI. However, unless a strategy or investment described below is specifically prohibited by a Fund’s investment restrictions as set forth in the prospectus or under “Fundamental
7

Investment Restrictions of the Funds” in this SAI, a Fund may engage in any of the strategies or make any of the investments described below (either as a principal or a non-principal strategy or investment). Subject to the foregoing, the Funds may engage in any of the investment strategies or purchase any of the investments described below directly, through its investment in one or more other investment companies, or through hybrid instruments, structured investments, or other derivatives, described below.
 
China A Fund
Diversified Emerging Markets Fund
Emerging Markets Equity Fund
Emerging Markets Multi-Sector Bond Fund
International Contrarian Value Fund
International Multi-Cap Value Fund
International Stock Fund
Sustainable Core Bond Fund
Sustainable International Core Fund
Tax-Aware Bond Fund
US MidCap Opportunities Fund
US Small Cap Opportunities Fund
Active Investment
Management Risk
X
X
X
X
X
X
X
X
X
X
X
X
Active Trading Risk
X
X
X
X
X
X
X
X
X
X
X
X
Asset-Backed Securi-
ties Risk
 
 
 
X
 
 
X
X
 
X
 
 
Collateralized Debt
Obligations (CDOs)
Risk
 
 
 
X
 
 
X
X
 
X
 
 
Asset Coverage Risk
X
X
X
X
X
X
X
X
X
X
X
X
Bond Forwards Risk
 
 
 
 
 
 
 
X
 
X
 
 
Borrowing Risk
X
X
X
X
X
X
X
X
X
X
X
X
Call Risk
 
 
 
X
 
 
 
X
 
X
 
 
Commodities Regula-
tory Risk
X
X
X
X
X
X
X
X
X
X
X
X
Convertible Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
Contingent
Convertibles Risk
X
X
X
X
X
X
X
X
X
X
X
X
Synthetic
Convertibles Risk
X
X
X
X
X
X
X
X
X
X
X
X
Counterparty Risk
X
X
X
X
X
X
X
X
X
X
X
X
Credit Risk
X
X
X
X
X
X
X
X
X
X
X
X
Credit Risk Transfer
Securities Risk
 
 
 
X
 
 
 
X
 
X
 
 
Currency Risk
X
X
X
X
X
X
X
X
X
X
X
X
Cybersecurity Risk
X
X
X
X
X
X
X
X
X
X
X
X
Depositary Receipts
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Derivatives Risk
X
X
X
X
X
X
X
X
X
X
X
X
Hedging Risk
X
X
X
X
X
X
X
X
X
X
X
X
Options Contracts
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Equity Linked
Notes Risk
X
X
X
X
X
X
X
X
X
X
X
X
Futures Contracts
and Options on
Futures Contracts
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Swap Agreements
and Swaptions Risk
X
X
X
X
X
X
X
X
X
X
X
X
Inflation-Linked
Instruments Risk
X
X
X
X
X
X
X
X
X
X
X
X
Hybrid Instruments
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Credit-Linked
Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
Indexed Securities
and Structured
Notes Risk
X
X
X
X
X
X
X
X
X
X
X
X
Event-Linked Bonds
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Foreign Currency
Transactions Risk
X
X
X
X
X
X
X
X
X
X
X
X
8

 
China A Fund
Diversified Emerging Markets Fund
Emerging Markets Equity Fund
Emerging Markets Multi-Sector Bond Fund
International Contrarian Value Fund
International Multi-Cap Value Fund
International Stock Fund
Sustainable Core Bond Fund
Sustainable International Core Fund
Tax-Aware Bond Fund
US MidCap Opportunities Fund
US Small Cap Opportunities Fund
P-Notes and Non-
Standard Warrants
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Risk Factors in
Derivative Instru-
ments
X
X
X
X
X
X
X
X
X
X
X
X
Additional Risk Fac-
tors and
Considerations of
OTC Transactions
X
X
X
X
X
X
X
X
X
X
X
X
Dollar Rolls Risk
 
X
X
X
X
X
X
X
X
X
X
X
Equity Risk
X
X
X
X
X
X
X
X
X
X
X
X
Special Purpose
Acquisition
Companies Risk
X
X
X
X
X
X
X
X
X
X
X
X
ESG Integration Risk
X
 
X
X
X
X
X
 
 
X
X
X
Exchange-Traded
Funds (ETFs) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Exchange-Traded
Notes (ETNs) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Event Risk
X
X
X
X
X
X
X
X
X
X
X
X
Fixed Income Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
Focused Portfolio
Risk
 
 
 
 
X
 
 
 
 
 
 
 
Foreign Investments
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Currency Risk and
Exchange Risk
X
X
X
X
X
X
X
X
X
X
X
X
Principal Exchange
Rate Linked Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
Performance
Indexed Paper Risk
X
X
X
X
X
X
X
X
X
X
X
X
Settlement Risk
X
X
X
X
X
X
X
X
X
X
X
X
Government
Intervention in
Financial Markets
Risk
X
X
X
X
X
X
X
X
X
X
X
X
High Yield Invest-
ments (“Junk
Bonds”) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Distressed Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
Illiquid Investments
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Inflation Protected
Debt Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
Inflation Risk
X
X
X
X
X
X
X
X
X
X
X
X
Initial Public Offer-
ings (“IPO”) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Interest Rate Risk
X
X
X
X
X
X
X
X
X
X
X
X
Interfund Lending
Program Risk
X
X
X
X
X
X
X
X
X
X
X
X
Inverse Floating Rate
Securities Risk
 
 
 
 
 
 
 
X
 
X
 
 
Investment Grade
Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
Investments in
Emerging Market
Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
9

 
China A Fund
Diversified Emerging Markets Fund
Emerging Markets Equity Fund
Emerging Markets Multi-Sector Bond Fund
International Contrarian Value Fund
International Multi-Cap Value Fund
International Stock Fund
Sustainable Core Bond Fund
Sustainable International Core Fund
Tax-Aware Bond Fund
US MidCap Opportunities Fund
US Small Cap Opportunities Fund
Sukuk Risk
 
X
X
X
X
X
X
X
X
X
X
X
Large Cap Securities
Risk
X
X
X
 
X
X
X
X
X
 
X
X
Large Shareholder
Transaction Risk
X
X
X
X
X
X
X
X
X
X
X
X
LIBOR Risk
X
X
X
X
X
X
X
X
X
X
X
X
Liquidation of Funds
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Loans and Loan
Participations Risk
 
 
 
X
 
 
 
X
 
X
 
 
Floating Rate
Loans Risk
 
 
 
X
 
 
 
X
 
X
 
 
Loan Participations
Risk
 
 
 
X
 
 
 
X
 
X
 
 
Senior Loans Risk
 
 
 
X
 
 
 
X
 
X
 
 
Unsecured Loans
Risk
 
 
 
X
 
 
 
X
 
X
 
 
Delayed Settlement
Risk
 
 
 
X
 
 
 
X
 
X
 
 
Market Risk
X
X
X
X
X
X
X
X
X
X
X
X
Master Limited
Partnership (“MLP”)
Risk
 
 
 
 
X
X
X
X
X
X
X
X
Mid Cap Securities
Risk
X
X
X
 
X
X
X
X
X
 
X
X
Money Market Instru-
ments and
Temporary Invest-
ment Strategies Risk
X
X
X
X
X
X
X
X
X
X
X
X
Mortgage-Related
Securities Risk
 
 
 
X
 
X
X
X
 
X
X
X
Municipal Securities
Risk
 
 
 
 
 
 
 
X
 
X
 
 
New Fund Risk
X
X
 
 
X
 
 
 
X
 
 
 
Non-Diversification
Risk
X
 
 
X
 
 
 
 
 
 
 
 
Operational Risks
X
X
X
X
X
X
X
X
X
X
X
X
Other Capital Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
Other Investment
Companies Risk
X
X
X
X
X
X
X
X
X
X
X
X
Preferred Stock Risk
X
X
X
X
X
X
X
X
X
X
X
X
Private Placement
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Private Investments
in Public Equity
(PIPEs) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Quantitative Invest-
ing Risk
 
X
X
 
X
X
 
X
X
X
 
 
Real Estate Invest-
ment Trusts
(“REITs”) Risk
X
X
X
X
X
X
X
X
X
X
X
X
Real Estate Related
Securities Risks
X
X
X
X
X
X
X
X
X
X
X
X
Regional/Country
Focus Risk
X
X
X
X
X
X
X
X
X
X
 
 
Investments in
Central and South
America Risk
 
X
X
X
X
X
X
X
X
X
 
 
10

 
China A Fund
Diversified Emerging Markets Fund
Emerging Markets Equity Fund
Emerging Markets Multi-Sector Bond Fund
International Contrarian Value Fund
International Multi-Cap Value Fund
International Stock Fund
Sustainable Core Bond Fund
Sustainable International Core Fund
Tax-Aware Bond Fund
US MidCap Opportunities Fund
US Small Cap Opportunities Fund
Investments in
Europe Risk
 
X
X
X
X
X
X
X
X
X
 
 
Investments in Asia
Risk
X
X
X
X
X
X
X
X
X
X
 
 
Investments in
China Risk
X
X
X
X
X
X
X
X
X
X
 
 
Investments in
Japan Risk
 
X
X
X
X
X
X
X
X
X
 
 
Investments in
Russia Risk
 
X
X
X
X
X
X
 
X
 
 
 
Repurchase and
Reverse Repurchase
Agreements Risk
X
X
X
X
X
X
X
X
X
X
X
X
Restricted Securities
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Risks of Qualified
Financial Contracts
X
X
X
X
X
X
X
X
X
X
X
X
Sector Risk
X
X
X
X
X
X
X
X
X
X
X
X
Consumer
Discretionary Sec-
tor Risk
X
X
X
X
X
X
X
X
X
X
X
X
Communication
Services Sector
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Health Care Sector
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Financials Sector
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Industrials Sector
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Information
Technology Sector
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Utilities Sector Risk
X
X
X
X
X
X
X
X
X
X
X
X
Securities Lending
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Securities Trusts
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Small Capitalization
Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
Sovereign Debt Risk
 
 
X
X
X
X
X
X
X
X
X
X
Structured Securities
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Sustainable Invest-
ing Risk
 
X
 
 
 
 
 
X
X
 
 
 
Taxable Income Risk
 
 
 
 
 
 
 
 
 
X
 
 
To Be Announced
(TBA) Transactions
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Short Sales of TBA
Investments Risk
 
 
 
 
 
 
 
X
 
X
 
 
Use as an Underlying
Fund Risk
X
X
X
X
X
X
X
X
X
X
X
X
U.S. Government
Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
Valuation Risk
X
X
X
X
X
X
X
X
X
X
X
X
Value Investing Style
Risk
 
X
 
 
X
X
 
 
 
 
 
 
Volatility Risk
X
X
X
X
X
X
X
X
X
X
X
X
11

 
China A Fund
Diversified Emerging Markets Fund
Emerging Markets Equity Fund
Emerging Markets Multi-Sector Bond Fund
International Contrarian Value Fund
International Multi-Cap Value Fund
International Stock Fund
Sustainable Core Bond Fund
Sustainable International Core Fund
Tax-Aware Bond Fund
US MidCap Opportunities Fund
US Small Cap Opportunities Fund
Warrants and Rights
Risk
X
X
X
X
X
X
X
X
X
X
X
X
Zero Coupon Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
ACTIVE INVESTMENT MANAGEMENT RISK. The risk that, if the investment decisions and strategy of the portfolio manager(s) do not perform as expected, a Fund could underperform its peers or lose money. A Fund’s performance depends on the judgment of the portfolio manager(s) about a variety of factors, such as markets, interest rates and/or the attractiveness, relative value, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The portfolio manager(s)’ investment models may not adequately take into account certain factors, may perform differently than anticipated and may result in a Fund having a lower return than if the portfolio managers used another model or investment strategy. In addition, to the extent a Fund allocates a portion of its assets to specialist portfolio managers, the styles employed by the different portfolio managers may not be complementary, which could adversely affect the Fund’s performance.
ACTIVE TRADING RISK. Active or frequent trading of a Fund’s portfolio securities could increase a Fund’s transaction costs and may increase an investor’s tax liability as compared to a fund with less active trading policies. These effects may adversely affect Fund performance.
ASSET-BACKED SECURITIES RISK. Asset-backed securities are securities backed by a pool of some underlying asset, including but not limited to home equity loans, installment sale contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ from traditional fixed income securities because of their potential for prepayment. The price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset-backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively change a security that was considered short- or intermediate-term at the time of purchase into a longer term security. Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates than does the value of shorter term securities, maturity extension risk could increase the volatility of the Fund. When interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or retard prepayments and thus affect maturities.
Asset-backed securities do not always have the benefit of a security interest in the underlying asset. For example, credit card receivables are generally unsecured, and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off amounts owed. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying securities may be limited, and recoveries on repossessed collateral may not, in some cases, be available to support payments on these securities. If a Fund purchases asset-backed securities that are “subordinated” to other interests in the same asset-backed pool, the Fund as a holder of those securities may only receive payments after the pool’s obligations to other investors have been satisfied. Tax-exempt structured securities, such as tobacco bonds, are not considered asset-backed securities for purposes of each Fund’s investments.
12

Collateralized Debt Obligations (CDOs) Risk. A Fund may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is typically backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CDOs may charge management fees and administrative expenses.
For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the “equity” tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.
The risks of an investment in a CDO depend largely on the type of collateral held by the special purpose entity (“SPE”) and the tranche of the CDO in which the Fund invests. Investment risk may also be affected by the performance of a CDO’s collateral manager (the entity responsible for selecting and managing the pool of collateral securities held by the SPE trust), especially during a period of market volatility. CDOs may be deemed to be illiquid investments and subject to Rule 22e-4’s restrictions on investments in illiquid investments. However, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. The Fund’s investment in CDOs will not receive the same investor protection as an investment in registered securities. In addition, prices of CDO tranches can decline considerably. In addition to the normal risks associated with debt securities and asset backed securities (e.g., interest rate risk, credit risk and default risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or quality or go into default or be downgraded; (iii) a Fund may invest in tranches of a CDO that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer, difficulty in valuing the security or unexpected investment results.
ASSET COVERAGE RISK. To the extent required by the 1940 Act and current SEC regulations, if a Fund engages in transactions that are borrowings or expose a Fund to certain obligations to another party and a Fund elects to treat those obligations as borrowings, a Fund will maintain assets with a value sufficient at all times to meet the asset coverage ratio required by the 1940 Act and other applicable rules and regulations. The need to maintain this level of assets could impede portfolio management or a Fund’s ability to meet shareholder redemption requests or other current obligations. Each Fund reserves the right to modify its asset coverage policies in the future to comply with any changes in the SEC’s positions regarding asset coverage. See "Derivatives Regulatory Matters" herein.
BOND FORWARDS RISK. A bond forward is a contractual agreement between a Fund and another party to buy or sell an underlying asset at an agreed-upon future price and date. When a Fund enters into a bond forward, it will also simultaneously enter into a reverse repurchase agreement. In a bond forward transaction, no cash premium is paid when the parties enter into the bond forward. If the transaction is collateralized, an exchange of margin collateral will take place according to an agreed-upon schedule. Otherwise, no asset of any kind changes hands until the bond forward matures (typically in 30 days) or is rolled over for another agreed-upon period. Generally, the value of the bond forward will change based on changes in the value of the underlying asset. Bond forwards are subject to market risk (the risk that the market value of the underlying bond may change), non-correlation risk (the risk that the market value of the bond forward might move independently of the market value of the underlying bond) and counterparty credit risk (the risk that a counterparty will be unable to meet its obligation under the contract). If there is no cash exchanged at the time a Fund enters into the bond forward, counterparty risk may be limited to the loss of any marked-to-market profit on the contract and any delays or limitations on the Fund’s ability to sell or otherwise use the investments used as collateral for the bond forward. Reverse repurchase agreements involve the sale of securities held by a Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements carry the risk that the market value of the securities that a Fund is obligated to repurchase may decline below the repurchase price. A Fund could also lose money if it is unable to recover the securities and the value of the collateral held by the Fund is less than the value of securities. The use of reverse repurchase agreements may increase the possibility of fluctuation in a Fund’s net asset value.
BORROWING RISK. Each Fund may borrow money to the extent set forth under “Investment Objectives and Policies.” The Funds do not intend to borrow for leverage purposes, except as may be set forth under “Investment Objectives and Policies.” Interest paid on borrowings will decrease the net earnings of a Fund and will not be available for investment.
13

It is anticipated that on March 2, 2023 the existing credit facility will be renewed and that each Fund will participate in a 364-day committed line of credit pursuant to a credit agreement and may borrow under the line of credit for temporary or emergency purposes.
CALL RISK. Call risk is the risk that an issuer, especially during periods of falling interest rates, may redeem a security by repaying it early. Issuers may call outstanding securities prior to their maturity due to a decline in interest rates, a change in credit spreads or changes to or improvements in the issuer’s credit quality. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest the money it receives in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features. This could potentially lower the Fund’s income, yield and its distributions to shareholders.
COMMODITIES REGULATORY RISK. Commodity-related companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. In addition, certain derivatives (for example, interest rate swaps) are considered to be commodities for regulatory purposes. The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily limits and the suspension of trading. Any of these actions, if taken, could adversely affect the returns of a Fund by limiting or precluding investment decisions the Fund might otherwise make. Periodically, the CFTC and exchanges change the position limits to which futures, options on futures and some swaps are subject. To the extent these contracts are traded, a Fund may be constrained by how many contracts it may trade. The CFTC has also modified the bona fide hedging exemption for which certain swap dealers have historically been eligible, which could limit the amount of speculative OTC transaction capacity each such swap dealer would have available for an applicable Fund prior to the applicable compliance date. In addition, various national governments have expressed concern regarding the derivatives markets and the need to regulate such markets. Stricter laws, regulations or enforcement policies, with respect to the derivatives market, could be enacted in the future which would likely increase compliance costs and may adversely affect the operations and financial performance of commodity-related companies. The effect of any future regulatory change on a Fund is impossible to predict, but could be substantial and adverse to the Fund. Also, future regulatory developments may impact a Fund’s ability to invest in commodity-linked derivatives.
CONVERTIBLE SECURITIES RISK. The market value of a convertible security typically performs like that of a regular debt security; this means that if market interest rates rise, the value of a convertible security usually falls. Convertible securities are also subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risk that apply to the underlying common stock. A convertible security tends to perform more like a stock when the underlying stock price is high relative to the conversion price (because more of the security’s value resides in the option to convert) and more like a debt security when the underlying stock price is low relative to the conversion price (because the option to convert is less valuable).
Contingent Convertibles Risk. Contingent convertible securities (also know