COMBINED STATEMENT OF ADDITIONAL INFORMATION
This Combined Statement of Additional Information (“SAI”) is not a prospectus, and it should be read in conjunction with the prospectuses, as may be amended, restated or supplemented from time to time, of the series of The Hartford Mutual Funds, Inc. and The Hartford Mutual Funds II, Inc. (each a “Company” and together, the “Companies”) in the charts below (each a “Fund” and collectively, the “Funds”). Each Company is an open-end management investment company currently consisting of thirty-seven and fifteen separate series, respectively. This SAI relates only to the Funds.
THE HARTFORD MUTUAL FUNDS, INC.
 
Class
A
Class
C
Class
I
Class
R3
Class
R4
Class
R5
Class
R6
Class
Y
Class
F
The Hartford Balanced Income Fund
HBLAX
HBLCX
HBLIX
HBLRX
HBLSX
HBLTX
HBLVX
HBLYX
HBLFX
Hartford AARP Balanced Retirement Fund
HAFAX
HAICX
HAFIX
HAFRX
HAFSX
HAFTX
HAFVX
HAFYX
HAFDX
The Hartford Capital Appreciation Fund
ITHAX
HCACX
ITHIX
ITHRX
ITHSX
ITHTX
ITHVX
HCAYX
HCAFX
The Hartford Checks and Balances Fund
HCKAX
HCKCX
HCKIX
HCKRX
HCKSX
HCKTX
HCKFX
Hartford Climate Opportunities Fund
HEOMX
HEONX
HEOIX
HEORX
HEOSX
HEOTX
HEOVX
HEOYX
HEOFX
The Hartford Conservative Allocation Fund
HCVAX
HCVCX
HCVIX
HCVRX
HCVSX
HCVTX
N/A
N/A
HCVFX
Hartford Core Equity Fund
HAIAX
HGICX
HGIIX
HGIRX
HGISX
HGITX
HAITX
HGIYX
HGIFX
The Hartford Dividend and Growth Fund
IHGIX
HDGCX
HDGIX
HDGRX
HDGSX
HDGTX
HDGVX
HDGYX
HDGFX
Hartford Dynamic Bond Fund
HDBAX
HDBCX
HDBIX
HDBRX
HDBSX
HDBYX
HDBFX
Hartford Emerging Markets Equity Fund
HERAX
HERCX
HERIX
HERRX
HERSX
HERTX
HERVX
HERYX
HERFX
The Hartford Emerging Markets Local Debt
Fund
HLDAX
HLDCX
HLDIX
HLDRX
HLDSX
HLDTX
HLDYX
HLDFX
The Hartford Equity Income Fund
HQIAX
HQICX
HQIIX
HQIRX
HQISX
HQITX
HQIVX
HQIYX
HQIFX
The Hartford Floating Rate Fund
HFLAX
HFLCX
HFLIX
HFLRX
HFLSX
HFLTX
HFLYX
HFLFX
Hartford Global Impact Fund
HGXAX
HGXCX
HGXIX
HGXRX
HGXSX
HGXTX
HGXVX
HGXYX
HGXFX
The Hartford Growth Allocation Fund
HRAAX
HRACX
HRAIX
HRARX
HRASX
HRATX
HRAFX
The Hartford Healthcare Fund
HGHAX
HGHCX
HGHIX
HGHRX
HGHSX
HGHTX
HGHVX
HGHYX
HGHFX
The Hartford High Yield Fund
HAHAX
HAHCX
HAHIX
HAHRX
HAHSX
HAHTX
HAHVX
HAHYX
HAHFX
The Hartford Inflation Plus Fund
HIPAX
HIPCX
HIPIX
HIPRX
HIPSX
HIPTX
HIPYX
HIPFX
Hartford International Equity Fund
HDVAX
HDVCX
HDVIX
HDVRX
HDVSX
HDVTX
HDVVX
HDVYX
HDVFX
The Hartford International Growth Fund
HNCAX
HNCCX
HNCJX
HNCRX
HNCSX
HNCTX
HNCUX
HNCYX
HNCFX
The Hartford International Opportunities
Fund
IHOAX
HIOCX
IHOIX
IHORX
IHOSX
IHOTX
IHOVX
HAOYX
IHOFX
The Hartford International Value Fund
HILAX
HILCX
HILIX
HILRX
HILSX
HILTX
HILUX
HILYX
HILDX
Hartford Low Duration High Income Fund*
HFHAX
HFHCX
HFHIX
HFHRX
HFHSX
HFHTX
HFHYX
HFHFX
The Hartford MidCap Fund
HFMCX
HMDCX
HFMIX
HFMRX
HFMSX
HFMTX
HFMVX
HMDYX
HMDFX
The Hartford MidCap Value Fund
HMVAX
HMVCX
HMVJX
HMVRX
HMVSX
HMVTX
HMVUX
HMVYX
HMVFX
Hartford Moderate Allocation Fund
HBAAX
HBACX
HBAIX
HBARX
HBASX
HBATX
HBADX
Hartford Multi-Asset Income Fund
ITTAX
HAFCX
ITTIX
ITTRX
ITTSX
ITTTX
ITTVX
IHAYX
ITTFX
The Hartford Municipal Opportunities Fund
HHMAX
HHMCX
HHMIX
HHMYX
HHMFX
Hartford Municipal Short Duration Fund
HMJAX
HMJCX
HMJIX
HMJFX
Hartford Real Asset Fund
HRLAX
HRLCX
HRLIX
HRLRX
HRLSX
HRLTX
HRLZX
HRLYX
HRLFX
The Hartford Short Duration Fund
HSDAX
HSDCX
HSDIX
HSDRX
HSDSX
HSDTX
HSDVX
HSDYX
HSDFX
Hartford Small Cap Value Fund
HSMAX
HTSCX
HSEIX
HSMRX
HSMSX
HSMTX
HSMVX
HSMYX
HSMFX
The Hartford Small Company Fund
IHSAX
HSMCX
IHSIX
IHSRX
IHSSX
IHSUX
IHSVX
HSCYX
IHSFX
The Hartford Strategic Income Fund
HSNAX
HSNCX
HSNIX
HSNRX
HSNSX
HSNTX
HSNVX
HSNYX
HSNFX
Hartford Sustainable Municipal Bond Fund
HMKAX
HMKCX
HMKIX
HMKFX
The Hartford Total Return Bond Fund
ITBAX
HABCX
ITBIX
ITBRX
ITBUX
ITBTX
ITBVX
HABYX
ITBFX
The Hartford World Bond Fund
HWDAX
HWDCX
HWDIX
HWDRX
HWDSX
HWDTX
HWDVX
HWDYX
HWDFX
THE HARTFORD MUTUAL FUNDS II, INC.
 
Class
A
Class
C
Class
I
Class
R3
Class
R4
Class
R5
Class
R6
Class
Y
Class
F
The Hartford Growth Opportunities Fund
HGOAX
HGOCX
HGOIX
HGORX
HGOSX
HGOTX
HGOVX
HGOYX
HGOFX
The Hartford Small Cap Growth Fund
HSLAX
HSLCX
HSLIX
HSLRX
HSLSX
HSLTX
HSLVX
HSLYX
HSLFX
* Effective March 1, 2024, the Fund changed its name from The Hartford Floating Rate High Income Fund to the Hartford Low Duration High Income Fund.
Each Fund’s prospectus is incorporated by reference into this SAI, and the portions of this SAI that relate to each Fund have been incorporated by reference into such Fund’s prospectus. The portions of this SAI that do not relate to a Fund do not form a part of such Fund’s SAI, have not been incorporated by reference into such Fund’s prospectus and should not be relied upon by investors in such Fund. The Funds’ audited financial statements and the notes thereto, which are included in the Funds’ Annual Reports to shareholders dated October 31, 2023, are incorporated into this SAI by reference. No other portions of the audited financials are

incorporated by reference herein. The Annual Reports for the series of The Hartford Mutual Funds, Inc. were filed with the U.S. Securities and Exchange Commission ("SEC") and are available on the SEC website at https://www.sec.gov/Archives/edgar/data/1006415/000119312524000389/d647714dncsr.htm. The Annual Report for the series of The Hartford Mutual Funds II, Inc. included in this SAI was filed with the SEC and is available on the SEC website at https://www.sec.gov/Archives/edgar/data/49905/000119312524000388/d489939dncsr.htm. A free copy of each Annual Report and each Fund’s 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 Prospectuses: March 1, 2024, as may be amended, restated or supplemented from time to time
Date of Statement of Additional Information: March 1, 2024

Table of Contents
 
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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 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). Each Fund, except The Hartford Growth Opportunities Fund and The Hartford Small Cap Growth Fund, is a series of The Hartford Mutual Funds, Inc. Each of The Hartford Growth Opportunities Fund and The Hartford Small Cap Growth Fund is a series of The Hartford Mutual Funds II, Inc. The Hartford Mutual Funds, Inc. was organized as a Maryland corporation on March 21, 1996. The Hartford Mutual Funds II, Inc. was organized as a Maryland corporation on March 23, 2001. The Hartford Mutual Funds II, Inc. also offers other mutual funds that are not part of this SAI.
This SAI relates to Class A, C, I, R3, R4, R5, R6, Y and F shares. Each Fund offers the classes set forth in the table on the cover page next to its name. Class R6 and Class Y shares of The Hartford Conservative Allocation Fund are not currently available for purchase and not currently sold in any State, including Oklahoma, Nebraska and Montana, or to residents of any State, including Oklahoma, Nebraska and Montana.
Each of The Hartford Growth Allocation Fund, Hartford Moderate Allocation Fund and The Hartford Conservative Allocation Fund are referred to as the “Asset Allocation Funds.” The Asset Allocation Funds and The Hartford Checks and Balances Fund are referred to as “Funds of Funds.”
Prior to October 7, 2019, the Hartford Global Impact Fund operated as a feeder fund in a master-feeder structure.
The date each Fund commenced operations is indicated below:
FUND
COMMENCEMENT OF
OPERATIONS
The Hartford Balanced Income Fund (“Balanced Income Fund”)
July 31, 2006
Hartford AARP Balanced Retirement Fund (“Balanced Retirement Fund”)
April 30, 2014
The Hartford Capital Appreciation Fund (“Capital Appreciation Fund”)
July 22, 1996
The Hartford Checks and Balances Fund (“Checks and Balances Fund”)
May 31, 2007
Hartford Climate Opportunities Fund (“Climate Opportunities Fund”)
February 29, 2016
The Hartford Conservative Allocation Fund (“Conservative Allocation Fund”)
May 28, 2004
Hartford Core Equity Fund (“Core Equity Fund”)
April 30, 1998
The Hartford Dividend and Growth Fund (“Dividend and Growth Fund”)
July 22, 1996
Hartford Dynamic Bond Fund (“Dynamic Bond Fund”)
June 7, 2022
Hartford Emerging Markets Equity Fund (“Emerging Markets Equity Fund”)
May 31, 2011
The Hartford Emerging Markets Local Debt Fund (“Emerging Markets Local Debt Fund”)
May 31, 2011
The Hartford Equity Income Fund (“Equity Income Fund”)
August 28, 2003
The Hartford Floating Rate Fund (“Floating Rate Fund”)
April 29, 2005
Hartford Global Impact Fund (“Global Impact Fund”)
February 28, 2017
The Hartford Growth Allocation Fund (“Growth Allocation Fund”)
May 28, 2004
The Hartford Growth Opportunities Fund (“Growth Opportunities Fund”)
March 31, 1963
The Hartford Healthcare Fund (“Healthcare Fund”)
May 1, 2000
The Hartford High Yield Fund (“High Yield Fund”)
September 30, 1998
The Hartford Inflation Plus Fund (“Inflation Plus Fund”)
October 31, 2002
Hartford International Equity Fund (“International Equity Fund”)
June 30, 2008
The Hartford International Growth Fund (“International Growth Fund”)
April 30, 2001
The Hartford International Opportunities Fund (“International Opportunities Fund”)
July 22, 1996
The Hartford International Value Fund (“International Value Fund”)
May 28, 2010
Hartford Low Duration High Income Fund (“Low Duration High Income Fund”)
September 30, 2011
The Hartford MidCap Fund (“MidCap Fund”)
December 31, 1997
The Hartford MidCap Value Fund (“MidCap Value Fund”)
April 30, 2001
Hartford Moderate Allocation Fund (“Moderate Allocation Fund”)
May 28, 2004
Hartford Multi-Asset Income Fund (“Multi-Asset Income Fund”)
July 22, 1996
The Hartford Municipal Opportunities Fund (“Municipal Opportunities Fund”)
May 31, 2007
Hartford Municipal Short Duration Fund (“Municipal Short Duration Fund”)
May 29, 2015
Hartford Real Asset Fund (“Real Asset Fund”)
May 28, 2010
The Hartford Short Duration Fund (“Short Duration Fund”)
October 31, 2002
The Hartford Small Cap Growth Fund (“Small Cap Growth Fund”)
January 4, 1988
Hartford Small Cap Value Fund (“Small Cap Value Fund”)
January 1, 2005
The Hartford Small Company Fund (“Small Company Fund”)
July 22, 1996
The Hartford Strategic Income Fund (“Strategic Income Fund”)
May 31, 2007
Hartford Sustainable Municipal Bond Fund (“Sustainable Municipal Bond Fund”)
May 29, 2015
The Hartford Total Return Bond Fund (“Total Return Bond Fund”)
July 22, 1996
The Hartford World Bond Fund (“World Bond Fund”)
May 31, 2011
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, Wellington Management Company LLP (“Wellington Management”) is a sub-adviser to all of the Funds, except the Funds of Funds. Schroder Investment Management North America Inc. (“SIMNA”) is also a sub-adviser to the Climate Opportunities Fund and Schroder Investment Management North America Ltd. (“SIMNA Ltd.”) is a sub-sub-adviser to the Climate Opportunities Fund. Each of Wellington Management, SIMNA and SIMNA Ltd. are referred to herein as a “sub-adviser” or collectively, as the “sub-advisers.”
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, Hartford Schroders Private Opportunities Fund, and the series of 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 prospectuses and SAI do not purport to create any contractual obligations between a 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 prospectuses 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.
(a)
(except for Climate Opportunities Fund, Healthcare Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund, Real Asset Fund, and Small Company Fund) 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;
(b)
each of Climate Opportunities Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund and Small Company Fund will not purchase the securities or loans of any issuer or borrower (other than securities or loans issued or guaranteed by the U.S. government or any of its agencies or instrumentalities) if, as a result, more than 25% of the Fund’s total assets would be invested in the securities or loans of companies whose principal business activities are in the same industry. With respect to Municipal Opportunities Fund, (i) tax exempt securities are not subject to this limitation unless they are backed by the assets and revenues of non-governmental issuers and (ii) this limitation will not apply to tax exempt securities that have been refunded with U.S. government securities;
(c)
Real Asset Fund will normally invest at least 25% of its assets, in the aggregate, in the natural resources industry;
5

(d)
Healthcare Fund will normally invest at least 25% of its total assets, in the aggregate, in the following industries: pharmaceuticals and biotechnology, medical products and health services;
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.
(a)
(except for Healthcare Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund and Small Company Fund) 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;
(b)
each of Healthcare Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund and Small Company Fund will not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments, although it may purchase securities secured by real estate or interests therein, or securities issued by companies which invest in real estate or interests therein;
6.
(a)
(except for Healthcare Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund and Small Company Fund) 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;
(b)
each of Healthcare Fund, Low Duration High Income Fund, MidCap Fund, Municipal Opportunities Fund and Small Company Fund will not purchase or sell commodities or commodities contracts, except that the Fund may purchase or sell financial futures contracts, options on financial futures contracts and futures contracts, forward contracts, and options with respect to foreign currencies, and may enter into swap transactions or other financial transactions of any kind.
In addition, under normal circumstances, Municipal Opportunities Fund, Municipal Short Duration Fund and Sustainable Municipal Bond Fund, will each invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in municipal securities whose interest is exempt from federal income tax. Municipal Opportunities Fund, Municipal Short Duration Fund, and Sustainable Municipal Bond Fund will not invest more than 25% of its total assets in limited obligation bonds payable only from revenues derived from facilities or projects within a single industry.
Notwithstanding the foregoing investment restrictions, the Underlying Funds in which the Funds of Funds may invest have adopted certain investment restrictions that may be more or less restrictive than those listed above, thereby permitting a Fund of Funds to engage indirectly in investment strategies that may be prohibited under the investment restrictions listed above.
B.
NON-FUNDAMENTAL INVESTMENT RESTRICTIONS OF EACH FUND
The following restrictions are non-fundamental restrictions and may be changed by the Board of Directors of the respective 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. With the exception of Floating Rate Fund and Low Duration High Income Fund, 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.
6

With respect to the fundamental policy described above of certain Funds to not invest more than 25% of their total assets in certain limited obligation bonds, utility companies, gas, electric, water and telephone companies will be considered separate industries. Also, municipal bonds refunded with U.S. Government securities will be treated as investments in U.S. Government securities, and are not subject to this 25% fundamental policy or the 5% diversification requirement of the 1940 Act.
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 Emerging Markets Local Debt Fund and World 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.
Emerging Markets Local Debt Fund and World Bond Fund each has elected to be classified as a non-diversified series of an open-end management investment company, which means that these Funds are not required to comply with the diversification rules of the 1940 Act set forth in the prior paragraph, although each such 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.
With respect to investment restriction A.2(a), 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(a), 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.
7

With respect to investment restriction A.6(a), 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 the Fund’s investment manager or sub-adviser(s), as applicable, 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. The investment manager or sub-adviser(s), as applicable, 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 the investment manager or sub-adviser, as applicable. 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 currently operates each Fund listed below as a commodity pool as of March 1, 2024 (each a “Registered Fund”).
Registered Funds
Balanced Retirement Fund
Strategic Income Fund
Emerging Markets Local Debt Fund
Total Return Bond Fund
Multi-Asset Income Fund
World Bond Fund
Real Asset Fund
 
HFMC has elected to claim an exclusion from the definition of CPO with respect to each Fund, other than the Registered Funds listed above.
Each Fund, including each Registered Fund, may choose to change its election at any time. 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. 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 tables 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 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. With
8

respect to the Funds of Funds, the discussion also provides descriptions of some of the types of investments and investment strategies that the Underlying Funds may use, and the risks and considerations associated with those investments and investment strategies that the Funds of Funds are subject to indirectly through their investments in the Underlying Funds. As a result, with respect to the Funds of Funds, references to "Fund" in this section include the Underlying Funds, where applicable.
 
Balanced Income Fund
Balanced Retirement Fund
Capital Appreciation Fund
Climate Opportunities Fund
Core Equity Fund
Dividend and Growth Fund
Dynamic Bond Fund
Emerging Markets Equity Fund
Emerging Markets Local Debt Fund
Equity Income Fund
Floating Rate Fund
Global Impact Fund
Growth Opportunities Fund
Healthcare Fund
High Yield Fund
International Equity Fund
Inflation Plus Fund
International Growth Fund
Active Investment Manage-
ment Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Asset Allocation Risk
X
X
X
 
 
 
 
 
 
 
 
 
 
 
 
X
 
 
Asset-Backed Securities
Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Collateralized Debt Obliga-
tions (CDOs) Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Asset Coverage Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Bond Forwards Risk
X
X
 
X
 
 
X
 
X
 
X
X
 
 
X
 
X
 
Borrowing Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Call Risk
X
X
 
X
 
 
X
 
X
 
X
 
 
 
X
 
X
 
Climate Change Investment
Focus Risk
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodities Regulatory
Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Commodities Related
Investments Risk
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Securities Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Synthetic Convertibles
Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Credit Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Credit Risk Transfer Securi-
ties Risk
X
X
 
 
 
 
X
 
X
 
X
 
 
 
X
 
X
 
Currency Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Depositary Receipts Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Hedging Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Equity Linked Notes Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Swap Agreements and
Swaptions Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Inflation-Linked Instru-
ments Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Credit-Linked Securities
Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Event-Linked Bonds Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Foreign Currency Transac-
tions Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
P-Notes and Non-Standard
Warrants Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Risk Factors in Derivative
Instruments
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Dividend Risk
X
X
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
X
X
X
X
X
X
X
Equity Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
9

 
Balanced Income Fund
Balanced Retirement Fund
Capital Appreciation Fund
Climate Opportunities Fund
Core Equity Fund
Dividend and Growth Fund
Dynamic Bond Fund
Emerging Markets Equity Fund
Emerging Markets Local Debt Fund
Equity Income Fund
Floating Rate Fund
Global Impact Fund
Growth Opportunities Fund
Healthcare Fund
High Yield Fund
International Equity Fund
Inflation Plus Fund
International Growth Fund
Special Purpose Acquisi-
tion Companies Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
ESG Integration Risk
X
X
X
 
X
X
X
X
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
X
X
X
X
X
X
Semi-Transparent ETF
Structure Risk
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange-Traded Notes
(ETNs) Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Fixed Income Securities
Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Currency Risk and
Exchange Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Principal Exchange Rate
Linked Securities Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Settlement Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Fund of Funds Structure
Risks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government Intervention in
Financial Markets Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Growth Investing Style Risk
 
 
X
 
 
 
 
 
 
 
 
X
X
 
 
X
 
X
Healthcare-Related Securi-
ties Risk
 
 
 
 
 
 
 
 
 
 
 
 
 
X
 
 
 
 
High Yield Investments
(“Junk Bonds”) Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Distressed Securities Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Impact Investing Risk
 
 
 
X
 
 
 
 
 
 
 
X
 
 
 
 
 
 
Industry Concentration Risk
 
 
 
 
 
 
 
 
 
 
 
 
 
X
 
 
 
 
Inflation Protected Debt
Securities Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Initial Public Offerings
(“IPO”) Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Interfund Lending Program
Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Inverse Floating Rate
Securities Risk
X
X
 
 
 
 
 
 
X
 
X
 
 
 
 
 
X
 
Investment Grade Securi-
ties Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Investments in a Subsidiary
Risk
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in Emerging
Market Securities Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Sukuk Risk
X
X
X
X
X
X
X
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
X
X
 
X
 
X
Large Shareholder Transac-
tion Risk
X
X
X
X
X
X
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
X
X
X
X
X
X
Liquidation of Funds Risk
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
X
Loans and Loan Participa-
tions Risk
X
X
 
 
 
 
X
 
X
 
X
 
 
 
X
 
X
 
Floating Rate Loans Risk
X
X
 
 
 
 
X
 
X
 
X